The cryptocurrency market continues to experience a downward trend, raising concerns among market participants. Bitcoin (BTC) has fallen below $95,000, and the total market capitalization decreased by 2%, dropping to $3.27 trillion.
Losses Increase Among Altcoins
The decline in Bitcoin’s price has affected other major altcoins as well. Ethereum (ETH) lost 2%, while Ripple (XRP) experienced a 4% drop. David Schwartz highlighted the benefits of Ripple Labs’ new stablecoin, RLUSD, mentioning significant opportunities for users and developers on the XRP Ledger. Solana (SOL) is trading at $182 with a market capitalization of $87 billion. Among the popular altcoins of recent days, Hyperliquid (HYPE) surprised investors with a 19% drop. Memecoins followed a similar trend, experiencing declines between 2% and 4%.
Trump Takes Action in Digital Asset Sector
Amidst these developments, U.S. President Donald Trump has taken a new step toward the digital asset sector by appointing Bo Hines as the Executive Director of the Presidential Digital Asset Advisory Committee. The committee aims to support the development and innovation of digital assets. Its chairman, David Sacks, indicated that this step could mark a pivotal moment for the industry.
Short-term Prospects
Despite the recent negative developments, Bitcoin’s short-term 2% increase has provided hope for market participants. However, pressure within the overall market continues. Experts warn that participants should remain cautious.
The situation on the cryptocurrency market remains volatile, and participants continue to monitor developments with caution, considering both internal and external factors.
