Bitcoin (BTC) declined marginally to fall from $99,000 to its current level of $98,100. The flagship cryptocurrency is down over 2% in the past 24 hours as it struggles to build momentum. BTC recovered strongly after Monday’s collapse but lost momentum after US tariffs on China came into effect, and the Asian giant retaliated by placing tariffs on several US goods.
Markets remained in the red, with declines noted across cryptocurrencies. ETH failed to build on Monday’s relief rally and is down over 3%, trading just above the $2,700 mark. Ripple (XRP) is down nearly 7% and is trading just above $2.50. Meanwhile, Solana is down almost 4%, while Dogecoin (DOGE) is down 6%. Cardano (ADA), Tron (TRX), Chainlink (LINK), Stellar (XLM), Toncoin (TON), Litecoin (LTC), Polkadot (DOT), and Uniswap (UNI) also registered substantial losses.
SEC Scales Back Crypot Enforcement Unit
The United States Securities and Exchange Commission (SEC) is scaling back a special unit dedicated to crypto enforcement as part of President Donald Trump’s promise of deregulation. Some lawyers from the SEC’s crypto unit will be assigned to other departments, while some lawyers briefed about the changes called the move an unfair demotion. The move comes after Trump signed an executive order to establish a regulatory framework for crypto and eliminate overreach on digital assets. Trump had campaigned on a pro-crypto platform, and named Mark Uyeda as acting SEC Chair. Uyeda established a team led by Hester Pierce to review the SEC’s enforcement-driven approach to crypto. The SEC still has pending cases against crypto firms, notably Coinbase. However, most expect cases to be dropped under the Trump administration.
Pierce outlined how the SEC will regulate the digital asset industry with a new task force. However, she added that the agency will take a while to get on track and regulate a fast-moving and arcane industry.
“It took us a long time to get into this mess, and it is going to take us some time to get out of it. The crypto road trip on which the newly announced crypto task force has embarked should be more enjoyable and less risky than the crypto road trip the Commission has taken the industry on for the last decade.”
Under the Biden administration, the SEC targeted some of the biggest names in the crypto space, with former Chair Gary Gensler asserting that most digital assets fell under the definition of a security. Many, including Pierce, called Gensler’s approach “regulation by enforcement” because the SEC kept filing lawsuits against companies instead of creating a clear set of rules. However, the SEC is expected to be less hostile to crypto under the Trump administration.
Trump Administration Taking A Fresh Approach To Crypto
The White House AI and Crypto Czar David Sacks, Senate Banking Committee Chair Tim Scott, House Financial Services Committee Chair French Hill, and other members of Congress have announced a bicameral committee to develop a regulatory framework for crypto and the establishment of stablecoin regulations for the crypto industry. The committee will include key members from House and Senate committees and aims to establish clear guidelines for regulating digital assets. It will also build on the Financial Innovation and Technology for the 21st Century (FIT21) bill, emphasizing stablecoin regulation.
Work on stablecoin regulations is already underway in the Senate after the introduction of a new bill by Senator Bill Hagerty. The bill centers on Guiding and Establishing National Innovation in US Stablecoins (GENIUS) and stablecoin oversight. According to Senator Scott, Republican and Democrat sponsors are working together to ensure crucial bills are passed within 100 days.
Crypto Czar Mum On Bitcoin Reserve
The Trump administration has begun pursuing initiatives related to crypto. However, there has been no official announcement regarding a Bitcoin reserve. David Sacks, White House AI and crypto Czar, recently held a press conference to discuss digital asset strategy. However, he did not reveal any plans for a Bitcoin reserve, only stating that his team would study the feasibility of such a reserve.
Sacks outlined a pro-crypto agenda, adding that the US House of Representatives and Senate are forming a working group to study and advance crypto legislation, and added,
“I look forward to working with each of you in creating a golden age in digital assets.”
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) fell below $97,000 on Tuesday as it extended losses after failing to build on Monday’s relief rally. The flagship cryptocurrency recovered during the ongoing session, rising to $99,117. However, it has fallen below $98,000 and is currently trading around $97,900. Sellers pushed BTC to an intraday low of 97,223 during the current session before it moved to its current level. BTC’s recovery on Monday leveled off and lost momentum after Trump’s tariffs on Chinese goods came into effect. China retaliated by imposing tariffs on several US goods, raising the prospect of a trade war and dampening investor sentiment. The markets were also dampened after a press conference by White House AI and Crypto czar David Sacks and key committee heads from the Senate and House.
The crypto community was hopeful the press conference would discuss a strategic Bitcoin reserve. However, the conference focused on regulatory matters and platitudes. BTC was mentioned at the end of the conference in response to a question. Sacks stated the White House is studying the feasibility of a Bitcoin reserve. When asked if the sovereign wealth fund will have something for BTC, Sacks said that was a question Commerce Secretary nominee Howard Lutnick could answer. These comments could contribute to BTC’s sluggishness as it struggles to reclaim $100,000.
BTC has faced significant bearish sentiment since last Monday after it dropped to an intraday low of $97,766, briefly slipping below key moving averages. However, it recovered from this level to reclaim $100,000 and settle at $102,064. The price continued to drop on Tuesday, falling 0.69% to $101,362. Buyers returned to the market on Wednesday, and BTC rose 2.27% to $103,662. The price rallied to an intraday high of $106,296 on Thursday but lost momentum after reaching this level. As a result, BTC settled at $104,553, rising nearly 1%. However, bearish sentiment returned on Friday as BTC dropped almost 2% and settled at $102,616.
Source: TradingView
BTC slipped below the 20-day SMA on Saturday, falling 1.54% to $101,041. Bearish sentiment intensified on Sunday as BTC fell below $100,000 and the 50-day SMA, dropping to $97,881. Markets crashed on Monday thanks to uncertainty created by Trump’s tariffs on Canada and Mexico. As a result, BTC plunged to an intraday low of $01,274 as sellers overwhelmed buyers. However, BTC recovered from this level as institutional investors bought the dip. As a result, BTC reclaimed $100,000 and settled at $101,579, registering an increase of nearly 4%. The rally was short-lived as bearish sentiment returned on Tuesday, and BTC dropped 3.54%, losing $100,000 and settling at $97,979. The current session sees BTC marginally down as it struggles to build momentum, push above the 50-day SMA, and reclaim $100,000.
If BTC continues to decline, it could set up a retest of $92,000 and possibly extend its decline to $90,000. The RSI is below 50, indicating bearishness. The MACD is also bearish, hinting at a further correction in prices.
Ethereum (ETH) Price Analysis
Ethereum (ETH) saw a substantial decline during the last session as bearish sentiment returned to the market after Monday’s recovery from an unprecedented drop. Buyers have kept ETH above the crucial $2,700 level. However, if this level is breached ETH bears could test $2,500 and $2,700. ETH has faced significant bearish pressure since last week as it struggles to move past the 20-day SMA and the descending trendline at $3,000. ETH fell to $3,020 last Monday before recovering to settle at $3,183. Sellers retained control on Tuesday as ETH fell 3.34% to $3,077. Buyers kept ETH above $3,000, registering an increase of 1.20% on Wednesday and moving to $3,114. Bullish sentiment intensified on Thursday as the price registered an increase of over 4% and settled at $3,248. ETH rallied to an intraday high of $3,442 on Friday as it looked to move past the 20 and 50-day SMAs. However, it lost momentum after reaching this level and settled at $3,300 after an increase of 1.60%.
Source: TradingView
However, sentiment changed over the weekend as ETH dropped 5.52%, slipping below the 20-day SMA and settling at $3,118. Bearish sentiment intensified on Sunday as ETH plummeted below $3,000 and the 200-day SMA to a low of $2,760 before settling at $2,869. Markets tanked on Monday, and as a result, ETH plunged to an intraday low of $2,160, raising the possibility of a dip below $2,000. However, the price recovered from this level to register a marginal increase and settle at $2,882. Sellers returned to the market as ETH’s recovery lost steam, and the price fell over 5% to $2,733. The current session sees ETH marginally up as buyers and sellers struggle to establish control.
If ETH slips below $2,700, it could drop to $2,500. If this level is breached, sellers could drag the price below $2,300. The RSI currently sits at 33, indicating a strong bearish sentiment. However, with the RSI close to oversold levels, we could see a recovery in the short term. The MACD is still bearish, indicating that the downtrend could be set to continue.
Solana (SOL) Price Analysis
Solana (SOL) is back in the red after its relief rally stalled around $220, a level where resistance has emerged in recent sessions. SOL registered a sharp drop on Tuesday as it fell to $226, as buyers struggled to keep it above the 20-day SMA. SOL posted a marginal increase on Wednesday as buyers prevented a further decline and settled at $228. Bullish sentiment registered a substantial increase on Thursday as SOL rose to $238 after an increase of 4.47%. However, sentiment changed on Friday as SOL dropped nearly 3% to $231
Source: TradingView
SOL fell below the 20-day SMA on Saturday, dropping over 8% as bearish sentiment intensified. Buyers attempted a recovery on Sunday but lost momentum. As a result, SOL fell below the 50-day SMA and settled at $203. SOL tanked to an intraday low of $176 on Monday as markets collapsed. However, it recovered as markets rebounded, rising over 6% to reclaim $200, move above the 50-day SMA, and settle at $216. However, SOL was back in the red on Tuesday, falling nearly 5% to slip below the 50-day SMA and settle at $206. The current session sees SOL marginally down as sellers look to drive the price below $200.
Indicators show growing bearish sentiment around SOL, with the RSI below the neutral zone and the MACD also flashing bearish signals.
Algorand (ALGO) Price Analysis
Algorand (ALGO) has struggled to move past the 50-day SMA since dropping below it on January 26. The price collapsed on Monday as ALGO fell to an intraday low of $0.345 before recovering and settling at $0.387. However, the 50-day SMA prevented a move higher and the price dropped over 6% on Tuesday and settled at $0.363. Buyers returned to the market on Wednesday as ALGO rose 1.26% to $0.368. Thursday saw the price rise nearly 6% as it crossed the 50-day SMA and settled at $0.389. However, ALGO could not stay at this level and fell almost 3% on Friday to slip below the 50-day SMA and settle at $0.378.
Source: TradingView
Sellers retained control on Saturday as ALGO fell over 8% to $0.348. Bearish sentiment intensified on Sunday as ALGO plunged nearly 14%, slipping below a key support level and settling at $0.299. The price dropped to an intraday low of $0.221 on Monday as the broader market turned bearish. However, ALGO rebounded from this level to register an increase of 4.47% and settle at $0.313. ALGO’s relief rally lost momentum on Tuesday as it fell nearly 7% to $0.291. The current session sees the price down just over 1% as sellers look to lower the price towards $0.25. The RSI and MACD are bearish, indicating a further downtrend for the price.
Optimism (OP) Price Analysis
Optimism (OP) slipped below a key support level on Sunday as bearish sentiment drove prices to levels not seen since June 2023. OP has been trading downwards since December, falling below $1.50 on Monday. The price declined on Tuesday, falling nearly 6% to $1.37. OP recovered on Wednesday and registered an increase of 4.59% to settle at $1.43. Buyers retained control on Thursday, but OP could register an increase of only 1.38% and settle at $1.45. However, sentiment changed on Friday as OP dropped nearly 2% and settled at $1.42.
Source: TradingView
OP continued to drop over the weekend, falling over 6% on Saturday and settling at $1.33. OP slipped below a key support level on Sunday, dropping nearly 17% to go below $1.30 and settle at $1.11. The price tanked to an intraday low of $0.788 on Monday as the broader crypto market collapsed. However, it rebounded from this level to reclaim $1 and settle at $1.18, rising over 6%. Sellers returned on Tuesday as OP fell nearly 6% to $1.11. OP is marginally up during the current session as buyers look to build momentum and reclaim $1.30.
Ripple (XRP) Price Analysis
Ripple (XRP) closed below its ascending trendline on Sunday, indicating it could face downward pressure over the next few sessions. XRP faced significant volatility last week, plummeting to an intraday low of $2.65 on Monday before recovering to settle at $3.05. XRP registered marginal increases on Tuesday and Wednesday, overcoming high levels of volatility to prevent a downtrend. Buyers took control on Thursday as the price rose nearly 2% and settled at $3.12. However, sentiment around XRP changed on Friday as it fell almost 3% to $3.03.
Source: TradingView
XRP dipped below the 20-day SMA and $3 on Saturday, falling over 5% to $2.87. Bearish sentiment intensified on Sunday as XRP dropped over 10% to $2.57, closing below its ascending trendline and the 50-day SMA. The week began with XRP plunging to an intraday low of $1.79 before recovering to register an increase of nearly 5% and settle at $2.70. XRP was back in the red on Tuesday, slipping below the 50-day SMA and settling at $2.52. The current session sees XRP marginally down as buyers and sellers struggle to establish control. If XRP continues its decline, it could drop to $2. A drop below this level could drag the price to $1.80. The MACD and RSI are bearish, indicating that XRP could continue its decline.
Celestia (TIA) Price Analysis
Celestia (TIA) recovered on Wednesday after dropping below a key support level a day prior. TIA slipped below $4 after registering a drop of nearly 6% on Tuesday. It recovered on Wednesday, rising 2.92% to $3.92. Buyers retained control on Thursday as TIA rose 8.44% to reclaim $4 and settle at $4.25. TIA continued to push higher on Friday, rising to an intraday high of $4.53 before settling at $4.34.
Source: TradingView
TIA dropped nearly 10% on Saturday, slipping below $4 and settling at $3.92 as bearish sentiment returned. Bearish sentiment intensified on Sunday as TIA fell over 16% to $3.29. TIA’s decline continued on Monday as it tanked to an intraday low of $2.35. It recovered from this level to register an increase of 6.57% and settle at $3.50. Markets were back in the red on Tuesday, as TIA dropped just over 7% to $3.25. The current session sees TIA down nearly 2%, as bearish sentiment held sway. If sellers retain control, TIA could slip to $3. A break below this level could drag the price to $2.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
