Altcoin
Why Is Bitcoin, XRP, Solana & Dogecoin Price Dropping?
Another crypto market crash has occurred, with Bitcoin, XRP, Solana, and Dogecoin prices experiencing significant declines. This development comes amid economic uncertainty and the bearish sentiment among investors.
Crypto Market Crash: Why Bitcoin, XRP, Solana, And Dogecoin Are Dropping
CoinMarketCap data shows that the Bitcoin, XRP, Solana, and Dogecoin prices are dropping today amid another crypto market crash. This development has occurred amid global economic uncertainty, especially with the tariffs still looming.
Although the US, Mexico, and Canada had agreed to a one-month pause on the tariffs, there remains the one that Donald Trump and the US had placed on China’s imports. In retaliation, China also imposed tariffs on US goods. Meanwhile, the country is also conducting an antitrust investigation into Google.
This has sparked a wave of sell-offs in the crypto market, with these developments sparking market uncertainty. Crypto analyst Ali Martinez revealed in an X post that $2.73 billion in Bitcoin profits were realized yesterday, which increased selling pressure in the market, a move that has also contributed to the crypto market crash.
XRP, Solana, and Dogecoin were also bound to drop alongside the Bitcoin price, given the flagship crypto’s impact on altcoins. As a result of the crash, the market has witnessed over $235 million in liquidations. Long positions took the most hit, with $173 million liquidated.
Market At Pivotal Levels
In an X post, crypto analyst Justin Bennett stated that the crypto market is at pivotal levels. The analyst noted that Tether’s dominance just secured its highest daily, 3-day, 5-day close since early November and that the 4.4% area is serving as support so far this week.
Bennett stated that he isn’t making any calls yet as it is too marginal, and the break from the USDT.D could fail. However, he added that this is something to be aware of and monitor this month.
In the meantime, the analyst looks to be bearish on the Bitcoin price and the broader crypto market. However, he remarked that if Tether’s dominance drops back inside the range on the high time frames, specifically back below the 4.37% level, then he will flip short-term bullish on BTC. Until then, he opined that caution is needed.
The Bull Run Might Not Be Over
Amid the crypto market crash, crypto stakeholders have suggested that the bull run is far from over. Cardano founder Charles Hoskinson recently asserted that 2025 is crypto’s year.
He alluded to how the market showed strength amid the $2 billion liquidation which it faced earlier this week. This is why the Cardano founder is convinced that this bull run will be huge for the market.
From a technical perspective, crypto analysts have also suggested that the Bitcoin price will still reach new highs. These analysts are also bullish on altcoins. Crypto analyst Dark Defender recently predicted that the XRP price could rally to as high as $8.
Ali Martinez stated that the Dogecoin price could still reach $10 in this cycle as long as it holds above $0.19. Meanwhile, asset manager VanEck predicted that the Solana price will reach $250 before year-end.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Shiba Inu is currently one of the top meme coins, with a market cap of $9.2 billion, trailing the other “top dog-themed coin,” Dogecoin. When meme coins pump, SHIB is one of the popular tokens that surge and dominate market activity.
For Shytoshi Kusama, Shiba Inu lead developer, their token must not be categorized under “meme coin” but as a “technology powerhouse.”
In a Twitter/X post shared last Tuesday, Kusama argued that Shiba Inu has transformed into a utility-driven crypto project and should no longer be listed under the meme coin category.
When they say Shib is a meme, now you have proof we are actually a technology powerhouse #SHIBARMY https://t.co/0uM0iHeZBy
— Shytoshi Kusama™ (@ShytoshiKusama) February 4, 2025
Shiba Inu: A Tech Powerhouse With Utility?
Kusama boldly claimed in a recent tweet to the crypto community that Shiba Inu now boasts an array of use cases and no longer belongs to the meme coin category.
For the developer, their token is now a technology powerhouse. Kusama’s pronouncements came when the project completed its collaboration with the United Arab Emirates. UAE’s Ministry of Energy and Infrastructure has agreed with SHIB to promote Web 3.0 solutions in energy, infrastructure, and other sectors.
According to a company release, the partnership taps into the crypto project’s extensive investment in Web 3.0. It aims to improve public service efficiency, governance models, and the promotion of green infrastructure.
The public disclosure also focused on the memecoin’s Operational System, which aims to streamline the Ministry of Energy and Infrastructure’s developments and projects.
Shiba Inu Gets Nod From UAE Official Over Collaboration
Shiba Inu’s team received praises from the undersecretary of the Energy and Petroleum Affairs, Sharif Al Olama. According to Al Olama, this recent collaboration with Shiba Inu will boost his country’s investment in innovative digital services. He also explained that the partnership is an essential milestone in the country’s efforts to reshape national services.
In a statement, the UAE government said it wants to lead the race in innovation. By partnering with Shiba Inu, it will be able to shape a great future anchored on sustainability, digital excellence, and connectivity.
Shiba Inu Now Boasts An Expanding Ecosystem
Shiba Inu has consistently expanded its use cases and ecosystem and now competes with other projects. The project boasts a multi-functional blockchain with AI-focused solutions, allowing users to easily move from Web 2.0 to 3.0.
Also, the project’s ecosystem now supports an L2 blockchain, plenty of NFT projects, Web 3.0 gaming, and a host of DeFi protocols, all backed by proprietary technology. According to Kusama, its partnership with UAE underscores the project’s commitment to supporting innovative tech solutions.
Featured image from Fortune, chart from TradingView
The crypto market on Friday continued keeping investors on their toes, with coins mainly trading sluggishly. Bitcoin (BTC) price showcased a trading session at the $97K level, whereas Ethereum (ETH), XRP, and Solana (SOL) reflected a similar volatile trajectory. However, TRON emerged as the talk of the town, defying the broader market trend amid strong ecosystem growth.
Here’s a collection of some of the most buzzworthy coins on February 7:
Crypto Market Today- BTC & Altcoins Face Market Turbulence
Notably, the global cryptocurrency market cap slipped 0.47% from yesterday, reaching $3.18 trillion. However, the global market volume saw a slight 2.88% increase to $126.33 billion. At the same time, BTC price illustrated a tight intraday sideways action, still trading near the previous day’s levels. Moreover, other crypto tokens have mainly taken more heat from yesterday.
BTC Price At $97K
As of press time, BTC price traded at $97,289, down marginally by 0.2% intraday. However, it’s worth pointing out that the coin’s 24-hour low and high were $95,707.35 and $99,168.61, respectively. The flagship coin’s dominance saw a 0.52% increase from yesterday to 60.87%, signaling that altcoins took more heat and lost market value.
Ethereum Price Slips
ETH price cracked nearly 3.5% in the past 24 hours, reaching $2,713. The coin’s intraday bottom and peak were $2,662.45 and $2,857.14, respectively. Crypto market traders remain cautious as whales are recorded selling ETH amid the current turbulent landscape.
Lookonchain revealed on X that a whale sold 8,500 Ethereum tokens for 22.25 million DAI at an average price of $2,736 during early Asian hours on February 7. Market sentiments remain uncertain at the moment as a result of the broader sector’s volatility.
XRP Price Below $2.5
Meanwhile, XRP price mimicked a drop, down nearly 3% to $2.35. The coin’s intraday bottom and peak were $2.29 and $2.46, respectively. Despite the price drop, renowned analyst Ali Martinez revealed that whales bought 520 million XRP, flagging a buy-the-dip opportunity. This data also suggests that a recovery above $3 lies ahead.
Also, it’s worth mentioning that the CBOE stock exchange has filed 19b-4 applications with the U.S. SEC, primarily for 21Shares, Bitwise, WisdomTree, and Canary Capital XRP ETFs.
Solana Price Mirrors Dip
SOL price witnessed a 4% decline in value and exchanged hands at $193.39. The coin’s 24-hour low and high were $188.17 and $203.89, respectively. Intriguingly, VanEck made a bullish prediction on SOL price, claiming it to hit $520 by year end.
Meme Crypto Market Today
The meme coins sector has mirrored a very similar waning action. Dogecoin (DOGE) price tanked 3% in the past 24 hours and is sitting at $0.2522. Shiba Inu (SHIB) pulled back 5%, resting at $0.00001511. Even PEPE and TRUMP reversed gains by 6-7%, trading at $0.000009455 and $17.51, respectively.
Top Crypto Market Gainers Today
TRON (TRX)
Price: $0.2335
24-Hour Gains: +4%
Bitget Token (BGB)
Price: $6.70
24-Hour Gains: +2.5%
Ondo (ONDO)
Price: $1.38
24-Hour Gains: +1%
Top Crypto Market Losers Today
Onyxcoin (XCN)
Price: $0.02637
24-Hour Loss: -14%
Ethena (ENA)
Price: $0.4895
24-Hour Loss: -10%
Dogwifhat (WIF)
Price: $0.7267
24-Hour Loss: -9%
Notably, despite the current volatile landscape of the sector, crypto enthusiasts and analysts continue to stay bullish on long-term prospects. Primarily, renowned analysts and enthusiasts like ‘Kaleo and Ash Crypto,’ among others, continue to stay optimistic about the sector’s future despite the recent shakeout, per their recent posts on X.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
The U.S. Securities and Exchange Commission (SEC) has invited public comments on a proposal to convert Grayscale’s Litecoin Trust into an exchange-traded product (ETP). The request follows an official acknowledgment of NYSE Arca’s 19b-4 filing, submitted on behalf of Grayscale.
US SEC Calls for Comments on Grayscale Litecoin ETF
The SEC has opened a public comment period regarding the proposed conversion of Grayscale’s Litecoin Trust into an ETF. The agency acknowledged NYSE Arca’s filing and has requested comments to be submitted within 21 days of the proposal’s publication in the Federal Register.
NYSE Arca had previously submitted a 19b-4 filing, a necessary step in the crypto ETF approval process. This filing pertains to both the Grayscale Litecoin Trust and the Grayscale Solana Trust. The SEC’s decision will involve either approval, disapproval or the initiation of further proceedings.
This development follows a recent move by top asset managers to expand crypto ETF offerings. Grayscale filed a 19b-4 form to convert its Litecoin Trust into an ETF, while Coinshares submitted an S-1 form for an LTC ETF. The US SEC decision could shape the future of Litecoin investment products in the U.S.
Crypto ETF Filings Increase Amid Leadership Transition
In recent weeks, several firms have submitted proposals for crypto-based ETFs, including funds for Dogecoin (DOGE) and other altcoins. The rise in filings comes at a time when the US SEC is undergoing a leadership transition.
Late last month, the asset manager also filed for a Solana ETF before submitting its Spot XRP ETF application. Grayscale aims to convert its XRP Trust, which holds $16 million in assets, into an ETF listed on the NYSE. This filing makes Grayscale the seventh asset manager to seek SEC approval for an XRP ETF.
Following the departure of former SEC Chair Gary Gensler, acting Chair Mark Uyeda appointed Commissioner Hester Peirce to oversee a dedicated crypto task force. Peirce has expressed interest in refining the classification of crypto assets and adjusting the registration process for digital asset firms.
Crypto ETFs and Market Developments
The US SEC approved the spot Bitcoin ETF in early January 2024, marking a shift in regulatory developments. It also approved the spot Ethereum ETFs at the time as part of the project to endorse crypto investment instruments.
With the ongoing review of the Grayscale Litecoin ETF, investors anticipate the US SEC will extend similar approvals to altcoin-based ETFs. The decision could set a precedent for future filings involving various digital assets.
The SEC will thus consider the response before making the final decision on the conversion of Grayscale’s Litecoin Trust. Actually, the review comprises checks by the regulator on the market risk, investor’s protection and conformity to present securities laws.
After the comment period for the concerned public, the agency may approve the application, deny the license or open up for further proceedings for the detailed evaluation.
Meanwhile, Grayscale also recently launched its Dogecoin Trust, providing institutional investors with exposure to DOGE. The Trust is now open for daily subscriptions to accredited investors and operates similarly to Grayscale’s other single-asset investment trusts. This development has sparked speculation about a potential DOGE ETF filing in the future.
Ronny Mugendi
Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
A Memecoin No More, But A ‘Tech Powerhouse’
Kaspersky Finds SparkCat Malware Targeting Crypto Wallets
Bitcoin & Ethereum Option Expiry: Sentiment Weakens Amid Tariffs
BTC & Altcoins Continue to Struggle, TRON Jumps 4%
Ethereum Price Stuck in Slow Gear: Will a Breakout Come Soon?
House Committee Starts Hearing on Operation Choke Point 2.0
2.52 Million Altcoins Are Ruining Crypto’s Future
Animoca Brands Valuation Tanks 75% In Two Years, Here’s Why
Crypto exchange BingX hacked for $43 million
Are The Big Players Losing Interest?
Hong Kong’s Securities Association Tips Authorities On Crypto Self-Regulation
Coinbase cbBTC Set to go Live on Solana
2.52 Million Altcoins Are Ruining Crypto’s Future
Animoca Brands Valuation Tanks 75% In Two Years, Here’s Why
Crypto exchange BingX hacked for $43 million
Are The Big Players Losing Interest?
Hong Kong’s Securities Association Tips Authorities On Crypto Self-Regulation
Coinbase cbBTC Set to go Live on Solana
-
Ethereum19 hours agoCboe seeks US SEC nod for spot Ethereum ETF options
-
Market22 hours agoDogizen ICO hits $4m as Standard Chartered predicts BTC at $500k
-
Bitcoin11 hours agoUS Senate Panel Approves Crypto Advocate, Billionaire Howard Lutnick For Commerce Secretary
-
Bitcoin21 hours agoStandard Chartered Predicts Bitcoin at $500K by 2028
-
Market21 hours agoDogecoin (DOGE) Attempts a Comeback: Can It Clear Resistance?
-
Bitcoin19 hours agoOKX Chief Marketing Officer Highlights Economic Dangers of a US Strategic Bitcoin Reserve
-
Market24 hours agoXRP Price Struggles to Keep Pace: What’s Holding It Back?
-
Market23 hours agoCFTC to Host Roundtable on Prediction Market Regulation
✓ Share: