Bitcoin has drawn attention by falling below $94,000. Its global market value has risen to $3.32 trillion. Bitcoin (BTC) has fallen from its all-time high of $108,000 to below $94,000. However, major altcoins such as Ethereum (ETH), XRP and Solana (SOL) have gained between 3% and 5% in the past 24 hours. While the markets are mixed, the volatility presents both risks and opportunities for investors.
The biggest increase in the last 24 hours was recorded by Virtual Protocol (VIRTUAL). VIRTUAL experienced a remarkable rise, gaining 35% in value. Zcash (ZEC) followed with a 20% increase. These increases are considered as recovery signals in the markets. Ethereum (ETH) gained 4% in value, reaching $3,383 and increased its market dominance to 12.35%, reaching a market value of $407 billion. This situation reinforced ETH’s strong position in the market.
Meme coins were also active; Dogecoin (DOGE) and Shiba Inu (SHIB) increased by 4%, while BONK announced a 1 trillion token burn.
Bitcoin and Market Situation
Bitcoin (BTC) fell to $93,984 earlier in the day, reaching a market value of $1.86 trillion. This decline in BTC affected the overall market sentiment. The global market value increased by about 2% to $3.32 trillion. The Fear and Greed Index remained stable at 55, indicating a neutral market perception. Trading volume increased by 20% to $170 billion, indicating increased market activity.
The US Internal Revenue Service (IRS) has announced that staking rewards are taxable. This announcement has raised concerns among investors about a higher tax burden and could deepen uncertainty in the market. This development could cause investors to reconsider their strategies and legal obligations.