| Reading time: 5 minutes | News | Crypto Converter | Crypto Calculators | Bitcoin crashes below $88K as Trump's tariff plans shake crypto markets | | Key points: | Trump's tariff plans spark extreme fear, among investors. Crypto market value drops 8%, with Bitcoin falling below $88,000 amid rising trade war fears.
| News - Crypto market sentiment has taken a sharp downturn in the past 24 hours, mirroring a broader market decline. The drop follows U.S. President Donald Trump's reaffirmation of his plans to move forward with tariffs on Mexico and Canada, sparking concerns among investors and triggering a wave of uncertainty across global financial markets. | Trump's tariff and its impact on the crypto market - The Crypto Fear & Greed Index plummeted to 25 on February 25, signaling "Extreme Fear" among investors. This sharp decline, down 24 points from the previous day's neutral score of 49, reflects growing market anxiety. | The downturn coincides with Trump's announcement alongside French President Emmanuel Macron, where he confirmed that his 25% tariffs on Canadian and Mexican imports would proceed as scheduled. Initially unveiled on February 1, these tariffs also include a 10% tax on Canadian energy imports and Chinese goods, further fueling market uncertainty. | Although Trump temporarily paused the tariffs on February 3 after both nations agreed to strengthen border protections, he later confirmed the levies would resume once the pause ends next month. | Crypto markets also reacted negatively to other tariff moves, with Bitcoin dropping again on February 9 after Trump imposed a 25% tariff on aluminum and steel, and further declining on February 13 after he signed an executive order for broader reciprocal tariffs. | Market trend - Bitcoin has plunged 7.23% in the past 24 hours, dropping below $88,000—its lowest level since late November, according to CoinGecko. This sharp decline has rippled across the broader crypto market, which saw its total value shrink by nearly 8%, falling from over $3.31 trillion to approximately $2.88 trillion. Thus, as market volatility intensifies, investors remain cautious, closely monitoring global economic shifts and regulatory developments. | Cardano ETF moves closer to reality as SEC kicks off regulatory review process | | Key points: | The SEC has begun reviewing Grayscale's Cardano ETF application, with approval odds at 64%. Cardano's price drops 12.39% despite rising optimism for ETF approval.
| News - The U.S. Securities and Exchange Commission (SEC) has officially acknowledged Grayscale's application for a spot Cardano (ADA) exchange-traded fund (ETF). This acknowledgment initiates the regulatory review process that will decide whether the proposed ETF will gain approval for listing and trading on the New York Stock Exchange (NYSE) Arca. If approved, this move could mark a significant milestone for Cardano's mainstream adoption within the financial markets. | Cardano ETF odds rise - Filed on February 24, this move could offer regulated exposure to Cardano without direct ownership. Optimism is rising, with Polymarket placing approval odds at 64%. | The Grayscale Cardano Trust aims to track ADA's price through an index aggregating data from exchanges like Coinbase, Crypto.com, Bitfinex, and Kraken. These platforms were selected for their regulatory compliance and liquidity standards. | Coinbase Custody Trust Company will secure ADA holdings with advanced encryption and geographically distributed storage, while BNY Mellon Asset Servicing will handle administrative duties including transfers. The trust will follow a passive strategy, focusing solely on mirroring Cardano's market performance without actively managing price fluctuations. | What's more? - The SEC's acknowledgment of Grayscale's Cardano ETF filing initiates a review process set to conclude by August 2025, including a 21-30 day public comment period. This development reflects a growing institutional interest in crypto ETFs, alongside other pending applications for Solana (SOL), Ripple (XRP), and Litecoin (LTC). | Despite easing regulations under acting SEC Chair Mark Uyeda and the dismissal of cases against platforms like Coinbase and Robinhood, Cardano's price has struggled to rebound, trading at $0.6483—a 12.39% drop from its intraday high. | South Dakota votes down Bitcoin Reserve bill—But will it return in 2026? | | Key points: | South Dakota rejects Bitcoin investment bill, citing volatility concerns. 18 Bitcoin reserve proposals remain pending across states like Florida and Texas.
| News - In a surprising move, South Dakota lawmakers shut down a bill on February 24 that could have opened the door for state-backed Bitcoin investments. This unexpected rejection has left crypto advocates questioning whether the state is ready to embrace digital assets in its financial strategy. | What are the lawmakers saying? - In a decisive vote, South Dakota's House Commerce and Energy Committee rejected HB1202 by deferring it until the 41st day of the session, effectively ending the bill's chances as the session concludes within 40 days. | Introduced by State Representative Logan Manhart (R-S.D.), the proposal aimed to allow up to 10% of public funds to be invested in Bitcoin. Manhart called this move a "common sense update to South Dakota's investment strategy". However, State Investment Officer Matt Clark opposed the measure, citing Bitcoin's volatility and stating, | "Bitcoin does not have any underlying physical use." | Despite the setback, Manhart remains optimistic, pledging on X, | "We will be back next year." | Future looks optimistic - Despite setbacks in states like North Dakota, Wyoming, and Pennsylvania, the push for Bitcoin reserve proposals remains active. States such as Florida, Arizona, Utah, and Texas are advancing similar bills, with around 18 proposals still pending, according to the Bitcoin Reserve Tracker. | Not all altcoins will moon—Ki Young Ju warns of selective bull market in 2025 | | Key points: | Only select altcoins with real-world utility and ETF backing are likely to thrive in 2025. Institutional interest favors established tokens like XRP, Solana, and Litecoin over speculative assets.
| News - CryptoQuant CEO Ki Young Ju is challenging the traditional notion of "Altcoin Season", predicting a shift in 2025 where only select altcoins will surge. Unlike previous cycles, where most altcoins rallied together, Ju suggests this bull run will reward projects with genuine utility and real-world applications only. | Ju's selective altcoin prediction - Ju outlines three critical factors that will determine which altcoins thrive in 2025. First, altcoins tied to ETF narratives—such as XRP, Solana (SOL), Litecoin (LTC), Dogecoin (DOGE), and Hedera (HBAR)—are poised for major institutional inflows, much like Bitcoin's ETF-driven surge. | However, Ju emphasizes that sustainability beyond ETFs will be vital. Unlike short-lived memecoins such as TRUMP and LIBRA, projects with consistent developer activity, strong communities, and long-term investor confidence will endure. Lastly, revenue-generating tokens with practical utility and solid business models are expected to outperform purely speculative assets. | Word of caution - Ju cautions that the era of broad altcoin rallies may be over, as market trends now favor select tokens with proven value. While Bitcoin continues to reach new highs, many altcoins remain below their previous peaks, signaling a more selective cycle ahead. According to recent market data though, Bitcoin ETFs saw outflows of $571 million last week, while established altcoins like XRP attracted $38.3 million in inflows. | Ethereum and Solana have also shown resilience, reinforcing the notion that only a handful of major tokens will benefit from this market phase. Ju highlights the ongoing liquidity struggles, describing the market as a "PvP fight" where existing capital circulates rather than new funds entering. With institutional players driving this shift, investors are urged to focus on legitimate, well-established projects, as weaker altcoins risk being left behind in this evolving landscape. | | More stories from the crypto ecosystem | | Interesting facts | Iceland has emerged as an unexpected hub for Bitcoin mining, thanks to its abundance of cheap geothermal energy and naturally cool climate. The low energy costs significantly reduce the expenses associated with running power-hungry mining rigs, while the cold weather helps keep the equipment from overheating without the need for expensive cooling systems. In 2014, the Virginia-based eco-products company Eruditium introduced "Bitcologne", the first cryptocurrency-themed fragrance. Marketed as "made for peer-to-peer interaction," the cologne was priced at approximately $26 or 0.0608 BTC at the time and was available for purchase using both Bitcoin and traditional currencies via PayPal. MoonCoin is a cryptocurrency launched in December 2013, with a total supply of approximately 384 billion coins—symbolically matching the average distance from Earth to the Moon in millimeters (384,400 km). While it never became a mainstream asset, it gained a niche following due to its playful astronomical theme and focus on educational initiatives in science and math.
| | Top 3 coins of the day | Dogcoin (DCOIN) | | Key points: | At press time, DCOIN was trading at $0.00151, up by 64.42% in the past week. The technical indicator hints that this bullish phase might fade out soon.
| What you should know: | Despite the broader crypto market experiencing a downturn, DCOIN defied the trend with an impressive surge. The altcoin was trading at $0.00151, marking a remarkable 45.45% increase over the past 24 hours. However, this bullish momentum could be short-lived, as the current spike appears to be driven more by market hype than fundamental strength. The Relative Strength Index (RSI) remains at 49, which is below the neutral threshold of 50. The current reading suggests that despite the price surge, buying pressure is not strong enough to sustain a long-term uptrend, and sellers may soon regain control. Thus, for DCOIN to maintain its bullish trajectory, it must break through the key resistance level at $0.00177. Conversely, if the price fails to breach this barrier, the altcoin could face a reversal, with a possible decline toward the critical support level at $0.00057. | Ripple (XRP) | | Key points: | | What you should know: | As the crypto market experiences a sharp downturn, XRP has not been spared from the broader sell-off. At press time, XRP was trading at $2.12, reflecting a significant 12.49% drop over the past 24 hours. This bearish sentiment is further supported by the Moving Average Convergence Divergence (MACD) indicator, which remains below the signal line, accompanied by red histograms beneath the neutral zone. A closer analysis reveals that XRP was in a bullish phase until February 23. However, after encountering a bearish reversal, the altcoin has been under sustained selling pressure. Hence, for XRP to regain bullish traction, it needs to break through the key resistance level at $2.60. However, if the price dips below the crucial support level at $2.06, it could signal intensified selling activity, potentially pushing the altcoin further into bearish territory | Dogecoin (DOGE) | | Key points: | | What you should know: | As the broader crypto market was bleeding, DOGE was no exception. The popular dog-themed memecoin was trading at $0.20, marking a sharp decline of 11.36% over the past 24 hours. Bearish sentiment was further confirmed by the Chaikin Money Flow (CMF) indicator, which stood at -0.13, signaling sustained selling pressure and a lack of buying momentum. Additionally, the price hovering near the lower Bollinger Band suggests that DOGE is currently in an oversold condition, which could signal a potential short-term reversal. In fact, the widening of the Bollinger Bands also indicates that heightened price volatility may be on the horizon, raising the possibility of sudden price swings in either direction. Ergo, for DOGE to reverse its bearish trend, the price must break above the key resistance level of $0.24. | How was today's newsletter? | |
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