Zinger Key Points
- The cryptocurrency market continued its downtrend on a low-volatility trading day.
- Traders compare the sentiment to that usually seen in bear markets.
- Next: Access Our New, Shockingly Simple 'Alert System'
Cryptocurrency markets are trading lower on Wednesday as MicroStrategy MSTR announced a change of name to Strategy.
| Cryptocurrency | Price | Gains +/- |
| Bitcoin BTC/USD | $97,374.66 | -1.8% |
| Ethereum ETH/USD | $2,776.99 | +0.06% |
| Solana SOL/USD | $199.65 | -4.5% |
| XRP XRP/USD | $2.44 | -6.8% |
| Dogecoin DOGE/USD | $0.2593 | -2.7% |
| Shiba Inu SHIB/USD | $0.00001598 | -0.5% |
Notable Statistics:
- IntoTheBlock data shows large transaction volume decreasing by 14.87% and daily active addresses falling by 8.5%. Transactions greater than $100,000 are down from 14,810 to 11,229 in a single day. Exchanges netflows are up by 29,715.2%.
- Coinglass data reports 112,529 traders were liquidated in the past 24 hours for $286.19 million.
Notable Developments:
- Is The SEC ‘Making Peace’ With Crypto? The Key Personnel Shifts Hinting At Why This May Be The Case
- Peter Thiel-Backed Crypto Exchange Reportedly Plans IPO In 2025 Amid Bitcoin And Digital Currency Boom
- BlackRock To Launch Bitcoin Investment Product In Europe
- EXCLUSIVE: ‘Crypto Czar’ Charm Offensive Welcomed, But Experts Wonder: Will US Policy Deliver?
- Michael Saylor Hints At ‘₿ig Strategy Day’ As Chances Of Bitcoin Reserve Odds On Kalshi Fall
Top Losers:
| Cryptocurrency | Price | Gains +/- |
| Jito JTO/USD | $2.67 | -16.6% |
| Raydium RAY/USD | $5.50 | -13.3% |
| Virtuals Protocol VIRTUAL/USD | $1.36 | -13% |
Trader Notes: With Bitcoin prices dropping, crypto trader Altcoin Sherpa noted that Bitcoin is reversing its way back to recent lows.
If those levels hold, it’s a bullish signal, making the next dip a good buying opportunity.
The pattern is recurring sharp drop, V-shaped recovery, then a slow grind back down.
Trader Ansem believes Bitcoin still has a target of $1 million. Jelle compared the pullback to similar ones in the past that resulted in eventual uptrends.
Industry expert Quinten Francois sees the current market sentiment similar to that at $30,000. He believes a correction to $80,000 is possible.
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