Cryptocurrency Market Overview: Bitcoin Steady at $85k, XRP and Solana Stagnate Amid Regulatory Concerns

The cryptocurrency market remains stable at around $2.7 trillion, with Bitcoin holding steady near $85,000. XRP and Solana have stalled due to regulatory uncertainties regarding Ethereum ETFs, impacting investor sentiment. Recent developments include changes in the DOJ’s stance on crypto prosecutions and ongoing legal issues for notable individuals in the space.

The cryptocurrency market continues to be stable with a market capitalisation of approximately $2.7 trillion. Bitcoin is maintaining a price around $85,000, while XRP and Solana are currently stalling at approximately $2.10 and $135 respectively. Market movements are stabilising with prices consolidating, causing traders to remain cautious regarding altcoin investments due to pending regulatory updates on Ethereum ETFs.

Bitcoin has demonstrated stability, fluctuating within a narrow range between $83,000 and $85,000 this week. This trend follows a volatile period triggered by recent trade announcements that momentarily drove Bitcoin below $75,000. As per Coingecko data, Bitcoin is at $84,600, having successfully avoided dropping beneath the $80,000 threshold, suggesting a shakeout of weaker capital.

The demand for Bitcoin ETFs has strengthened over the past day, resulting in a net acquisition of $106.9 million, according to Farside data. Notably, BlackRock’s IBIT and Fidelity’s FBTC accounted for $81 million and $25.9 million of these inflows respectively. Altcoins such as XRP and Solana, meanwhile, have entered consolidation phases due to recent regulatory uncertainties impacting market sentiment.

The global crypto market recorded a 1.9% decline over the prior 24 hours, reducing total capitalisation to $2.76 trillion. Daily trading volumes have sharply declined to $83.8 billion, demonstrating a reduction in risk appetite from investors. Bitcoin has held steady, gaining 3% over the past week, while Ethereum has stagnated around $1,590.

Solana has retraced slightly from a recent high after its successful ETF launch in Canada, showing signs of consolidation below the $135 mark. Ripple (XRP) has faced a similar fate, now trading back down towards $2 as its recent rally loses momentum. This fluctuation in altcoins indicates a broader trend of capital moving back towards Bitcoin amid increased regulatory caution.

In other news, the U.S. Department of Justice has indicated a more lenient approach to cryptocurrency prosecutions under the new administration. This memo prioritises enforcement on direct harm crimes while lessening the focus on broader regulatory violations. Additionally, Richard Kim, a former Wall Street executive, faces charges for misappropriating funds from his crypto project, while privacy platform eXch is ceasing operations amid regulatory pressures, planning to donate 50 BTC to privacy initiatives.