The cryptocurrency market is valued at around $2.7 trillion as Solana, Cardano, and Dogecoin lead gains. Bitcoin ETFs faced $171 million in outflows, causing investors to shift focus to altcoins. Donald Trump criticises Fed Chair Jerome Powell on interest rates, while Binance advises governments despite legal challenges. Bhutan uses hydropower for crypto mining to boost its economy.
On Thursday, the cryptocurrency market valuation approached approximately $2.7 trillion. Within the last 24 hours, Solana (SOL), Cardano (ADA), and Dogecoin showed substantial gains among the top ten crypto assets. However, Bitcoin exchange-traded funds (ETFs) experienced a notable outflow of $171 million, concluding a brief two-day buying trend. While Bitcoin hovers around $85,000, DeFi protocols and layer-1 altcoins, particularly SOL, are drawing more investor interest.
As Bitcoin’s price stabilises around $85,000, investors are turning towards altcoins to capitalise on their volatility. Recent sell-offs from Bitcoin ETFs amounting to $171 million on Wednesday disrupted the previous positive momentum of the week, which included inflows of $1.5 million and $76.4 million earlier. Historically, these ETF sell-offs during price surges can signal impending market downturns, especially as BlackRock’s IBIT fund and Ark Invest’s ARKB ETF reported significant outflows.
Solana took the lead in the DeFi sector with a daily rise of 6%, while Cardano and Dogecoin also posted considerable gains. Meanwhile, Ethereum’s performance remains lackluster, struggling to surpass the $1,600 resistance, which raises concerns about its long-term position in the market. CoinGecko recorded a slight dip of 0.9% in the overall market cap, reflecting a consolidation phase amidst decreased trading volumes.
In wider crypto news, former President Donald Trump intensified his critique of Federal Reserve Chairman Jerome Powell, suggesting that Powell’s leadership could be contested over the central bank’s management of interest rates. Trump referenced anticipated interest cuts by the European Central Bank as evidence that the Federal Reserve should take immediate action.
Additionally, despite facing regulatory adversities, Binance is actively advising various governments on cryptocurrency laws and strategies. CEO Richard Teng noted that the exchange’s regulatory compliance efforts have escalated and cited growing international interest in cryptocurrency policies.
Bhutan is strategically leveraging its abundant hydropower for green cryptocurrency mining to stimulate economic growth and combat brain drain. The country’s sovereign wealth fund manages these efforts, also investing in blockchain and AI training for its citizens, with plans to enhance hydropower infrastructure for future crypto initiatives.
