Major cryptocurrencies declined sharply on Tuesday following the announcement of a new regulatory oversight committee, with total market liquidations reaching nearly $485 million in the past 24 hours.
| Cryptocurrency | Gains +/- | Price (Recorded at 8.15 p.m. ET) |
| Bitcoin BTC/USD | -2.96% | $98,240.17 |
| Ethereum ETH/USD | -4.15% | $2,735.57 |
| Dogecoin DOGE/USD | -7.19% | $0.2649 |
What Happened: The leading cryptocurrency dropped to $97,924.27, its lowest level in the last 24 hours of trading, while the broader crypto market capitalization fell 2.92% to $3.23 trillion.
The decline coincided with newly appointed “Crypto Czar” David Sacks announcing the formation of a bipartisan, bicameral committee to establish a regulatory framework for digital assets.
Ethereum also experienced downward pressure despite social media attention from Eric Trump, who suggested on X that “it’s a great time to add $ETH.”
The second-largest cryptocurrency’s decline followed Dogecoin’s retreat after its 15% rally on Monday.
The market turbulence triggered significant trading activity, with over 161,000 traders facing liquidations. The total cryptocurrency open interest decreased by 5.61% to $113.45 billion, while trading volume dropped 43.19% to $194.42 billion, according to CoinGlass.
Market sentiment remains cautious, with the Crypto Fear and Greed Index reading 54 on Tuesday, indicating a neutral stance.
Top Gainers (24-Hours)
| Cryptocurrency | Gains +/- | Price (Recorded at 8.15 p.m. ET) |
| Official Melania Meme (MELANIA) | +11.56% | $1.65 |
| Pudgy Penguins (PENGU) | +3.96% | $0.01374 |
| Hyperliquid (HYPE) | +2.04 | $25.55 |
The cryptocurrency market’s decline occurred against a backdrop of mixed traditional market performance. The Dow Jones Industrial Average gained 134.13 points, or 0.30%, closing at 44,556.04, while the S&P 500 rose 0.72% to 6,037.88.
The tech-heavy Nasdaq Composite, however, fell 1.35% to 19,654.02. Dow futures showed minimal movement in after-hours trading, down just 7 points as of 8:15 p.m. EDT.
See Also: Shiba Inu Eyes 393% Rally, Dogecoin Targets 333% Gains: What’s Happening?
Analyst Notes: Leading cryptocurrency analyst Rekt Capital expects Bitcoin to consolidate between $98,300 and $101,000 in the near term. “Bitcoin revisited the $101k level… but failed the subsequent post-breakout retest of it into new support,” they noted.
Similarly, analyst Ali Martinez suggested Bitcoin is trading within a broader range between $90,900 and $108,500, with no clear directional trend.
Cryptocurrency analyst Michaël van de Poppe offered a contrarian view regarding Ethereum’s prospects following Eric Trump’s comments, stating, “The most hated trade is usually the best trade to take. If Trump bets massively on $ETH, it’s almost foolish to not follow that route at these valuations.”
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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