With Thursday’s rally on Friday’s Asian morning, Bitcoin (BTC) and other major tokens lost more than 3%, which matched expectations.
Over the past 24 hours, the overall crypto market cap has dropped 3.2%, BTC has dropped from $86,000 to below $84,000, Ether (ETH) has fallen below $2,000, and Solana’s Sol has dropped 5%.
XRP showed a steady decline, increasing Wednesday’s 10% spike to 4.8% each week, while BNB Chain’s BNB continued to grow, growing to more than 8% per week.
At press time, Tron’s TRX and TON were the only major tokens in the green, with each token rising by 2%.
TRX first floated on Solana late Thursday to expand its user base. Retail demand after Ton-to-money foundation is seen Talk about venture capital companies Now, after a new investment, we now hold assets worth more than $400 million.
A brief upward catalyst market was posted on Wednesday at the Federal Open Market Committee (FOMC) meeting, which has been waiting for BTC to exceed $85,000 due to the announcement of a tax reduction.
However, the Fed said it would expand its “quantitative tightening” plan starting in April, which could interpret it as Singapore’s QCP Capital noted in telegram broadcasts QCP capital that indirectly lowered tax rates. The options market has begun to be positioned accordingly.
Dr. Sean Dawson, head of research at OnChain Options Platform.xyz, told Coindesk in an email.
“Although by June 30 to June 30, the probability of ETH is still above $2,000, now is coin flip-up – 40% 24 hours ago. Nearly 60% of options in ETH options in the past 24 hours have been acquired, suggesting that BTC is a bullish sentiment. For BTC, 34% of all sales are purchased, reflecting the demand for Pownside Protection,” Dawson added.
FXPRO’s Alex Kuptsikevich views the $80,000 support level as a key area of focus on support and maintains a cautious tone.
“It is important to note that the cryptocurrency market has not yet surpassed its 200-day moving average and is currently close to $2.9 trillion. Strong gatherings above this level may trigger an aggressive buying phase, but as they have done several times before, there is also the risk of bears setting traps.”
He added: “For Bitcoin to stay motivated, it is crucial to stay above this critical level. If you do so, it may raise renewed interest in buying various coins that have been in the correction phase for some time.”
