Microsoft Rejects Bitcoin Backup Plan, as $ADA Cardano, $XRP Lead Market Recovery

The cryptocurrency sector’s valuation held steady at $3.37 trillion on Tuesday, halting a $13 billion outflow over the past 24 hours.

1. Marathon Digital (MARA), the largest cryptocurrency miner, announced a $1.1 billion Bitcoin purchase after issuing convertible notes.

2. In the derivatives market, 288,367 traders were liquidated, with $626 million in long positions wiped out, accounting for 77% of the total $809 million in liquidations.

Amid the escalating geopolitical crisis, the global crypto market crash on Monday saw liquidations worth over $1.5 billion, triggering double-digit losses across the top-ranked digital assets.

However, as Bitcoin price rebounded to $97,000 after dropping to $94,200 in a 24-hour period, the altcoin market showed signs of recovery. On Tuesday, Ripple (XRP), Cardano (ADA), and Binance Coin (BNB) all reclaimed key resistance levels.

Ripple secured a crucial approval from New York State regulators for its newly launched RLUSD stablecoin on Tuesday, giving an additional boost to the bull market.

Cardano (ADA) regained the crucial psychological support of $1 after a hack of the team’s official Twitter account exacerbated a 15.8% decline to $0.91 on Monday.

Binance Coin (BNB) pushed above $680 at the time of writing, as the native coin continues to attract demand amid increased trading activity on exchanges.

Ethereum price has been experiencing high volatility since early December, with the bullish momentum from Trump’s regulatory changes being canceled out by geopolitical risk factors.

After breaking through the $4,000 level on December 6 for the first time in three years, ETH prices have experienced a sharp 10% correction, falling as low as $3,519 on Tuesday.

Despite the volatile price swings, on-chain data trends suggest that Ethereum’s largest investors remain reluctant to sell into the FUD (Fear, Uncertainty, and Doubt) market.