Bitcoin, XRP, and Solana declined amid a US stock sell-off on Wednesday. Senator Cynthia Lummis reintroduced the BITCOIN Act, proposing a five-year purchase of 1 million BTC, but it failed to boost the market alongside Trump's crypto policies and SEC initiatives.
Bitcoin has struggled to sustain $100,000, failing three breakout attempts in February. Over 30 days have passed since it last hit that mark. A 0.75 correlation with the S&P 500 suggests BTC's movement mirrors US market trends, pointing to continued volatility.
Bitfinex analysts attribute Bitcoin’s decline to macroeconomic pressures, with $818 million in daily losses from February 28 to March 4. While capitulation often stabilizes markets, ongoing geopolitical and economic uncertainty keeps traders cautious.
