Over the weekend, Bitcoin (BTC) and other cryptocurrencies were hit hard, with the market experiencing a significant drop. In just over 24 hours, BTC fell from around $108,000 to its current price of $95,000, as the Federal Reserve announced plans to reduce interest rate cuts in 2025, which heavily impacted the market. This drop led to BTC experiencing its first weekly decline since Donald Trump won the election, with the asset down 9% over the past week. Over the weekend, nearly all cryptocurrencies saw double-digit declines, with BTC's drop appearing mild compared to Ethereum (ETH), which fell nearly 15% over the past week, dropping below $3,500. Due to the sharp drop over the weekend, Solana (SOL) fell nearly 3% in the past 24 hours and nearly 16% over the past week. Meanwhile, Dogecoin (DOGE) has declined nearly 21% over the past week. The total cryptocurrency market cap has fallen just over 1.1%, now standing at $3.3 trillion. Cryptocurrency Bloodbath As prices plummeted across the board, the cryptocurrency market faced one of the largest crashes in recent years, with liquidations amounting to $1.2 billion. As a result, Bitcoin (BTC) dropped from its all-time high of over $108,000 to below $95,000. With the cryptocurrency market in a bearish trend, other major cryptocurrencies, including Ethereum (ETH), Solana (SOL), and Dogecoin (DOGE), recorded double-digit declines. This drop began after comments made by Federal Reserve Chairman Jerome Powell following the FOMC meeting. The stock market surged significantly after Trump’s election but then slowed down. The stock market saw a sharp decline after Powell and the Fed took a hawkish stance, raising inflation concerns. Powell also indicated that the Federal Reserve would reduce the expected number of rate cuts in 2025 from four to just two, triggering significant sell-offs in the stock market. Bitcoin (BTC) sees a sharp decline After the Fed's warning on inflation, Bitcoin (BTC) saw a significant drop over the weekend. Consequently, approximately $500 billion evaporated from the market. BTC fell about 10%, but this drop was minimal compared to the declines of Ethereum (ETH), Solana (SOL), and Dogecoin (DOGE). Federal Reserve Chairman Jerome Powell warned that interest rates would not decline as quickly as expected and cut the planned rate cuts for 2025 to just two. BTC is currently trading at around $95,500. Meanwhile, Ark Invest Capital founder Cathie Wood reiterated her stance on BTC prices. Wood predicts that BTC will reach $1 million by 2030, bringing BTC's market cap to $20 trillion. "[Bitcoin] is becoming scarcer than gold. The difference between gold and Bitcoin is that when gold prices rise, production increases, and the supply increases faster—but this does not happen with Bitcoin." Analysts expect significant price volatility for BTC and other cryptocurrencies during the holidays and in the coming weeks. Unity Wallet COO James Tolenado stated, "Regarding the situation during the holidays, the first rule about Bitcoin is that it is always volatile, just as water is always wet. Its behavior is always mixed, with no clear pattern at the end of the year and into the next year. Sometimes, prices rise in the new year, and sometimes they fall. Therefore, historically, we can say that Bitcoin exhibits typical mixed behavior during Christmas and New Year." Coinbase and Kraken donate $1 million for Trump's inauguration Several cryptocurrency companies, including Coinbase and Kraken, have donated to Donald Trump’s inauguration. Coinbase and Kraken donated $1 million each to the Trump-Vance inauguration committee. The committee is organizing events related to the swearing-in ceremony on January 20, including celebrations, parades, and dinners. Ripple has also pledged to donate $5 million worth of XRP to the committee. Coinbase's Vice President of U.S. Policy, Kara Calvert, stated, "Coinbase is committed to working with the government and both parties to create clear regulatory rules for cryptocurrencies. We are eager to work with the most crypto-friendly government in U.S. history to shape the future of cryptocurrency in America." MoonPay has also pledged to donate to the inauguration committee, though the specific amount has not been disclosed. Ethereum (ETH) price analysis.
Ethereum (ETH) has recently declined, causing the world's second-largest cryptocurrency to drop below $3,500 after breaking $4,000 last week. On Monday, ETH hit an intraday high of $4,106, with bullish sentiment peaking. ETH dropped on Tuesday instead of consolidating above this level, declining 2.33% to close at $3,892. On Wednesday, bearish sentiment intensified, with ETH dropping nearly 7%, falling below the 20-day moving average and closing at $3,625. On Thursday, buyers attempted to rebound, with ETH hitting an intraday high of $3,762. However, after reaching this level, it lost momentum, dropping nearly 6% below the $3,500 level, closing at $3,415. On Friday, ETH dropped to an intraday low of $3,096, falling below the 50-day moving average as sellers attempted to push it below $3,000. However, it rebounded from this level, climbing back above the 50-day moving average, reclaiming $3,000, and stabilizing at $3,470. Over the weekend, hopes for a sustained recovery were dashed, with ETH dropping nearly 4% on Saturday, falling below the 50-day moving average and closing at $3,336. ETH failed to rebound, continuing to drop on Sunday, down 1.71%, closing at $3,279. In the current trading day, ETH is slightly up as buyers attempt to rebound. Buyers will seek to build momentum and push ETH above the 50-day moving average. If they succeed, ETH will aim for the $3,500 level. However, if sellers regain control, ETH could drop to $3,000 before any rebound occurs. Solana (SOL) price analysis.
Solana (SOL) is seeking recovery after falling to a support level of $180 over the weekend. SOL experienced a significant drop on Wednesday after turning bearish, falling nearly 16% over the past week. At the beginning of this week, SOL started with losses, indicating future trends, dropping 3.55% to $216. However, it rebounded on Tuesday, rising to an intraday high of $228, then stabilizing at $223, an increase of 3.23%. On Wednesday, bearish sentiment returned, and SOL fell 7.50%, dropping below the 50-day moving average and closing at $206. On Thursday, sellers continued to maintain control, and SOL dropped over 6%, falling below $200 to close at $193. On Friday, SOL dropped to an intraday low of $175, briefly dipping below the support level of $180. However, it rebounded to stop the selling pressure, slightly rising to $194. The rebound was short-lived as SOL posted losses again on Saturday after failing to reclaim $200. SOL reached an intraday high of $202, then turned bearish as sellers took control. As a result, SOL fell nearly 7% to $181, just above the support level of $180. On Sunday, buyers attempted to rebound, pushing SOL to an intraday high of $187, but it lost momentum. Consequently, SOL slightly declined and closed at $180. SOL has rebounded in the current trading session but remains volatile, dropping to an intraday low of $176 and reaching a high of $187 before closing at $181, with a slight increase. Dogecoin (DOGE) price analysis.
Last week, bearish sentiment for Dogecoin (DOGE) intensified, breaking below the 50-day moving average and critical support levels. DOGE opened lower this week, dropping slightly over 1% on Monday to close at $0.401. On Tuesday, sellers maintained control, and the price fell slightly over 2%, dropping below $0.40 to close at $0.393. On Wednesday, bearish sentiment increased, with DOGE falling over 9% to close at $0.357, just above the support level of $0.30. On Thursday, DOGE dropped further, falling over 12%, breaking below the 50-day moving average and critical support levels, closing at $9.313. On Friday, as sellers attempted to push DOGE below $0.30, DOGE fell to a low of $0.262. However, it rebounded from this level, reclaiming $0.30, and slightly rising to $0.317. At the beginning of Saturday, DOGE surged to $0.35 but then lost momentum. As a result, it retreated and closed at $0.319, with only a slight increase. However, on Sunday it fell back into the deficit, dropping 2.47% to close at $0.312. In the current trading day, DOGE is slightly down as sellers attempt to push it below $0.30. XRP price analysis.
XRP has been declining since hitting an intraday high of $2.72 on Tuesday. After reaching this level, XRP pulled back to $2.56, ultimately rising 3.38%. However, on Wednesday, market sentiment shifted, and XRP plummeted over 10%, dropping below the 20-day moving average and stabilizing at $2.30. Buyers attempted to rebound, and XRP rose to an intraday high of $2.43. However, it couldn't rise further, falling 3.10% to close at $2.23. On Friday, bearish sentiment intensified, and XRP fell to an intraday low of $1.95. Nevertheless, it rebounded from this level, rising 1.83% to close at $2.27. XRP failed to maintain its recovery momentum, dropping again on Saturday, down nearly 2%, and closing at $2.23. On Sunday, sellers remained in control, pushing XRP down 1.58% to $2.20. XRP is still in a losing state in the current trading session, down 1.27%, trading at $2.17. Aptos (APT) price analysis.
Aptos (APT) has plummeted in the past week, dropping an astonishing 35% over the last seven days as short-sellers strengthened their control. APT's decline began on Tuesday, when it fell over 7%, dropping below the 20-day moving average and closing at $12.92. On Wednesday, sellers maintained control, and the price fell 8.2%, dropping below the 50-day moving average and closing at $11.85. On Thursday, buyers attempted to rebound, with APT rising to an intraday high of $12.72. However, they lost momentum after reaching this level and fell slightly over 4% to $11.36. On Friday, due to difficulties for both buyers and sellers in establishing control, APT experienced considerable volatility. Ultimately, sellers prevailed, pushing APT down 4.31% to $10.87. On Saturday, bearish sentiment intensified significantly, with APT plummeting 12.46%, dropping below $10 and closing at $9.51. On Sunday, sellers maintained control, bringing APT down 3.16% to $9.21. In the current trading day, APT is down 1.42%, trading at $9.10 as sellers look to push the price below $9. Celestia (TIA) price analysis.
On Monday, Celestia (TIA) fell to a critical support level of $6.58. On Tuesday, as sellers continued to maintain control, TIA broke below this level and the 50-day moving average to $6.26, a decrease of nearly 5%. On Wednesday, TIA fell below $6 and the 200-day moving average, down 8.20%, closing at $5.74. On Thursday, bearish sentiment intensified, and TIA dropped nearly 11%, closing at $5.12. On Friday, sellers pushed the price down to an intraday low of $4.34. However, TIA rebounded from this level, rising 1.86% to close at $5.22. Over the weekend, bearish sentiment returned, with prices dropping below $5 on Saturday, declining nearly 6% after failing to recover $6. On Sunday, sellers maintained control, leading to a slight decline in TIA, which closed the weekend at $4.90. In the current trading session, TIA is up 1.45%, attempting to recover $5.
