Bitcoin and other top crypto prices were seen experiencing uniform movements on Monday (3/2/2025). The majority of top cryptos were seen back in the red zone.
Based on data from Coinmarketcap, the crypto with the largest market capitalization, Bitcoin ($BTC ) is still weakening. Bitcoin fell 3.31 percent in 24 hours and 4.48 percent in a week.
Currently, the price of Bitcoin is at USD 97,434 per coin or equivalent to IDR 1.59 billion (assuming an exchange rate of IDR 16,280 per US dollar).
Ethereum (ETH) also weakened. ETH fell 8.85 percent in the past day and 10.97 percent in a week. That means ETH is currently at Rp 46.7 million per coin.
The next crypto, Binance coin (BNB) is weakening again. In the last 24 hours BNB has fallen 6.15 percent and 6.95 percent a week. This makes BNB priced at IDR 10.07 million per coin.
Then Cardano (ADA) is back in the red zone. ADA dropped 11.84 percent in a day and 15.86 percent in a week. That puts ADA at Rp13,006 per coin.
Meanwhile, Solana (SOL) is still weakening. SOL fell 5.91 percent in a day and 15.25 percent in a week. Currently, the price of SOL is at the level of IDR 3.3 million per coin.
XRP is back in the red zone. XRP has weakened 12.94 percent in 24 hours and 15.59 percent in a week. With that, XRP is now priced at IDR 41,345 per coin.
Meme Coin Dogecoin (DOGE) is weakening. In the past day, DOGE has fallen 15.28 percent and 20.73 percent in a week. This makes DOGE traded at the level of Rp 4,299 per token.
Today's crypto prices of stablecoin Tether (USDT) and USD coin (USDC) both strengthened, each strengthening by 0.06 and 0.01 percent. This makes the price of both the same, namely USD 0.9999.
As for the overall crypto market capitalization today, it is at the level of USD 3.24 trillion or equivalent to IDR 52,940 trillion, down around 4.85 percent in the last day.
Previously, the crypto market and US stocks weakened after the US Central Bank, The Fed, maintained interest rates in the range of 4.25 percent-4.50 percent in January. Bitcoin fell to USD 101,800 after the announcement before finally recovering after the press conference of The Fed chairman, Jerome Powell, eased market concerns.
The same situation also occurred in the US stock market with US stock indexes such as the S&P 500 and Nasdaq showing recovery after Powell's press conference stating that there were no plans to raise interest rates in the near future.
The Fed's decision is in line with observers' predictions, especially considering the general inflation conditions which have experienced a significant increase based on December's CPI data.
However, the Fed's policy statement at the meeting created turmoil in financial markets, particularly in the crypto market and US stocks.
Reku Analyst, Fahmi Almuttaqin said, this phenomenon highlights the still high sensitivity of the crypto market and the US stock market to US macroeconomic sentiment.
"This indicates high investor concerns about potential future risks that may occur if the Fed starts raising interest rates again to suppress inflation. These risks include the potential for large amounts of investment funds to move back to low-risk instruments such as the dollar and US government bonds from the stock and crypto markets," said Fahmi, Sunday (2/2/2025).
The launch of DeepSeek AI technology has also become a factor that has further increased these concerns because the future challenges that US stocks that have been believed to have high growth potential, such as stocks in the technology sector, may face may increase.
Previously, the stablecoin market had just crossed a new milestone, reaching a market capitalization of USD 200 billion. This milestone marked a significant increase of USD 40 billion since early November when the US presidential election results were announced. Meanwhile, stablecoins such as Tether (USDT) and USD Coin (USDC), have dominated the market.
According to data from CryptoQuant, the stablecoin market has seen impressive growth, with Tether (USDT) and USD Coin (USDC) leading the way. The rise of stablecoins is not just about their ever-increasing market caps.
CryptoQuant points out that the increased liquidity provided by these stablecoins could be a positive boost for the broader crypto market. Increased liquidity means more funds circulating in the market.
According to CoinDesk, Sunday (2/2/2025), Tether, the dominant stablecoin, currently has a market capitalization of USD 139 billion, up 15% since November. USDC followed closely behind, growing by 48% to reach a market capitalization of USD 52.5 billion.
However, liquidity trends for both stablecoins have also improved, with USDCâs 30-day liquidity increasing by 20%, marking its fastest growth in a year.
Bitcoin (BTC), by comparison, has risen more than 50%, and the total crypto market cap is now $3.5 trillion from $2.2 trillion, according to TradingViewâs Total metric. Bitcoin, which has hit a new all-time high of $110K, could benefit significantly from this increased liquidity. With more funds available to trade, Bitcoin and other digital assets could continue to increase in value.
Previously, Tether announced the expansion of its stablecoin reach to the Bitcoin network via the Lightning Network, a layer 2 scaling solution. The development was revealed by Tether CEO Paolo Ardoino and Lightning Labs CEO Elizabeth Stark at the Plan B conference in San Salvador, El Salvador, on January 30.
Tether, the leading stablecoin by market cap, will leverage the Taproot Assets protocol, which extends Bitcoinâs functionality to support tokenized assets. Lightning Labs, the entity behind the Lightning Network, has developed the technology to facilitate this integration.
With a significant market cap of $139.4 billion, Tether's USDT is nearly three times larger than its closest competitor, Circle's USD Coin, which has a market cap of $53.1 billion. By 2024, Tether will process $10 trillion worth of transactions, approaching Visa's $16 trillion volume. The stablecoin is managed on more than ten blockchains, including Ethereum, Tron, Solana, and Avalanche.
The integration with the Lightning Network is expected to allow merchants who accept Bitcoin to also offer USDT as a payment option, using the same infrastructure. Elizabeth Stark of Lightning Labs stated that this move will allow millions of people to use the most open and secure blockchain to send dollars globally.
He also emphasized the benefits for users in emerging markets, who often use stablecoins as a hedge against local currency devaluation. Lightning Labs anticipates that this integration will not only facilitate USDT micropayments on Lightning, but also support transactions between artificial intelligence agents and autonomous vehicles in the future.
Earlier this month, Tether relocated its operations to El Salvador, which is currently the only country where Bitcoin is legal tender. El Salvador introduced the Bitcoin Lightning Network-powered Chivo Wallet to its citizens in September 2021 and initially required merchants to accept Bitcoin. However, as part of a $1.4 billion loan agreement with the International Monetary Fund, the country later made Bitcoin payments a voluntary form of payment for merchants.
