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‘Market Blues’ As BTC & Altcoins Dip

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2 months ago

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The dynamic realm of crypto has concluded yet another week, primarily sparking uncertainty among market participants globally. Bitcoin (BTC) price slumped alarmingly in the past seven days, whereas altcoins mainly followed the tumbling movement amid broader developments. Primarily, the market faces turbulence amid broader macroeconomic developments. Here’s a brief report on some of the most buzzworthy updates reported by CoinGape over the past week.

Crypto Market Blues Amid Trump’s Tariffs Saga

Notably, the crypto market took a severe hit this week, primarily against the backdrop of macroeconomic trends. U.S. President Donald Trump announced new tariffs for Mexico, Canada, and China this week, thereby delivering a blow to global markets due to trade war speculations.

As a result, even the cryptocurrency sector plummeted, with BTC & Altcoins reversing previous gains. BTC even stopped as low as $95K in the past seven days, where altcoins faced further heat on prices. Besides, the market is yet to recover despite Donald Trump announcing a 30-day pause on the new tariffs for Mexico & Canada. Some traders and investors believe that further downfall awaits as the market has not yet recovered, and the tariffs are to resume in 30 days.

Also, US President Donald Trump has revealed that he plans to unveil reciprocal tariffs next week in a move that could further escalate his trade war with the country’s allies.

On the other hand, despite the recent U.S. jobs data coming cooler than expected, the cryptocurrency sector continued to slump. U.S. nonfarm payrolls increased 143,000 in January, down from the market expectations of 170K. Further, the U.S. unemployment rate came in at 4%, down from 4.1% noted in the prior month. Nevertheless, the broader crypto market scenario remains uncertain at the moment.

BTC & Altcoins Tank Despite Rising Whale Activity

Simultaneously, BTC lost nearly 3% this week, closing in at the $97K level. Further, ETH price lost an alarming 14% in value, closing the week at $2,600 level. XRP price followed, cracking 14% over the past day and closing the week below $3. Primarily, the broader slumping action in crypto prices mirrors an uncertain market sentiment prevailing across the broader sector due to macroeconomic developments.

Nevertheless, it’s noteworthy that altcoins witnessed a substantial rise in whale activity during this period. CoinGape reported that XRP whales bought 520 million tokens amid the recent dip, indicating that gains are imminent. Further, recent ETH whale activity also underscored a buying spree among traders and investors globally. Further, even meme coins like PEPE & WIF whale accumulations spiked amid the current market dip. In turn, market watchers remain optimistic over a bullish movement ahead as large-scale investors exhibit a potential buy-the-dip strategy.

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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.





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Binance Sidelines Pi Network Again In Vote To List Initiative, Here’s All

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2 hours ago

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April 3, 2025

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As Binance’s Vote to List initiative kicks off, the exchange has turned its back on Pi Network for the second time. Binance is proceeding with the decentralized listing program but Pi Network is noticeably absent from the raft of cryptocurrencies.

Pi Network Fails To Make Binance List

Pi Network enthusiasts are in limbo following the absence of the token in Binance’s Vote to List initiative. According to a press release, Binance has opened voting for its second Vote to List initiative.

This time, 12 tokens are up for community voting, with Binance proceeding to spot-list successful tokens. Apart from vote count, Binance says it will consider trading demand, a risk assessment, and a compliance check to decide on tokens that will make the listing.

The selected tokens include VIRTUAL, BIGTIME, UXLINK, MORPHO, GRASS, ATH, WAL, SAFE, ZETA, IP, ONDO, and PLUME. While the first focused on memecoin, the second iteration beams a searchlight on utility tokens cutting across several verticals.

Back in March, Binance excluded Pi Network from its first edition of the Vote to List initiative. Binance has clarified that only BNB-based projects will be allowed to participate in the Vote to List initiative, dousing optimism for Pi Network enthusiasts.

When Will Binance List The Asset?

Despite Pi missing out on the Vote to List program, there is still a ray of hope for community members. Binance can list Pi via a direct listing in the future but a timeline is unavailable.

Experts say a lack of transparency by The PiCoreTeam (PCT) is a reason why Binance has not listed Pi Network. Particularly, the exchange took swipes at the PCT for failing to give proper disclosures on the Pi Network’s locking and burning mechanism.

Pi Network secured a major listing on the BTCC Exchange, bringing the token closer to being listed on mainstream exchanges. While a listing hovers on the horizon for Pi, the PCT’s domain auction is gathering steam with over 200,000 bids.

Pi price has been largely underwhelming over the last day, losing nearly 5%. Pi trades at $0.6646 to drop below the $0.7 mark for the first time in over a month.

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Aliyu Pokima

Aliyu Pokima is a seasoned cryptocurrency and emerging technologies journalist with a knack for covering needle-moving stories in the space. Aliyu delivers breaking news stories, regulatory updates, and insightful analysis with depth and precision. When he’s not poring over charts or following leads, Aliyu enjoys playing the bass guitar, lifting weights and running marathons.

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.





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Why Is The Bitcoin Price Surging Today?

Published

10 hours ago

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April 2, 2025

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Bitcoin price has risen as prices of cryptocurrencies fluctuate in preparation for President Donald Trump’s “Liberation Day” tariff implementations.

The price action follows as retaliatory tariffs are going to be imposed on a number of U.S. imports that caused uncertainty in financial markets. Bitcoin had ranged between a 24-hour low of $83,939.88 and a 24-hour high of $87,300.86, resting around $86,600 at the time of writing.

Market analysts are suggesting Bitcoin could be looking for a potential breakout if certain price levels hold through the weekly close.

Tariffs And Their Potential Impact On Bitcoin Price

CoinShares head of research James Butterfill warned in a February note that tariffs would likely have negative short-term effects on the BTC Price. “Unlike gold, bitcoin has a growth component, meaning it reacts to economic trends and liquidity cycles,” Butterfill explained.

The imposition of tariffs would slow down economic growth and decrease the demand for risk assets like cryptocurrencies. This slowdown in the economy would generally lower interest in riskier investments. This is since market participants move into more secure alternatives.

Also, tariffs raise inflation, which usually results in speculations of increased interest rates. These monetary policy changes tend to put downward pressure on Bitcoin price and other cryptocurrencies traditionally.

Another concern is Bitcoin’s correlation with stock markets during periods of economic uncertainty. Tariffs could cause a temporary price drop in crypto as traditional markets respond to the changing trade sector.

Technical Analysis Points To Possible Breakout

Analyst Rekt Capital highlighted Bitcoin’s recent price movement in a tweet. He noted that “Bitcoin has increased by +$2000 in the past hour.” The analyst suggested this places BTC close to positioning itself for a future breakout beyond the 21-week Exponential Moving Average (EMA).

Rekt Capital emphasized the importance of the weekly close. He stated that if Bitcoin closes above $87,650, it would signal a trend shift. This level has become a key point of focus for traders watching for confirmation of Bitcoin’s next directional move.

In addition to price action analysis, Rekt Capital also commented on Bitcoin’s market dominance in a separate tweet. “Bitcoin Dominance has increased between 7-9% within one month on 4 separate occasions since mid-2023,” the analyst tweeted. The current BTC dominance is only 8% away from reaching 71%.

According to Rekt Capital, another similar growth spurt in Bitcoin’s market share would comfortably push BTC dominance to that resistance level. This increasing dominance indicates capital flowing from altcoins back into Bitcoin. This is often seen during periods when investors seek the relative safety of the largest cryptocurrency.

Bitcoin price has been showing strong movement within the past 24 hours, climbing as high as $87,300.86.

The current trading range places Bitcoin near levels that technical analysts consider important for deciding future price direction. A sustained hold above the $87,000 mark would support the bullish case. Additionally, a drop below the $84,000 level might indicate further consolidation is needed.

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Vignesh

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.





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Crypto.com Expands To Singapore Via Sony Electronics Partnership

Published

18 hours ago

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April 2, 2025

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In a groundbreaking development, Crypto.com has joined hands with Sony Electronics, paving the way for the exchange’s expansion into Singapore. The collaboration has introduced USDC as a payment option on Sony’s online store, enabling customers to make purchases using the stablecoin.

Notably, this strategic move marks a significant milestone for Crypto.com as it aligns with the exchange’s vision of global expansion.

Crypto.com Partners Sony Electronics: Know More

Via a collaboration with Crypto.com, a top crypto exchange, the Singapore-based Sony Electronics has started accepting Circle’s USDC stablecoin for payments. According to an official press release, users can make purchases on the Sony Store Online using USDC.

Commenting on the significant development, Chin Tah Ang, General Manager of Crypto.com Singapore, acknowledged the potential implications of the move. According to him, the alliance aims to make crypto payments easier for Sony’s clients. He further stated, “This payment integration will not only benefit our users by giving them another way to utilise their crypto in the real world, but we believe adding a new and streamlined crypto payment method will also broaden SES’ customer base.”

Recently, Circle’s USDC has become the first dollar-backed stablecoin to be approved for circulation under Japan’s regulatory framework. Subsequently, Circle announced its entry into the Japanese crypto market.

Sony’s Broader Push into Blockchain & Web3

Interestingly, Sony’s collaboration with Crypto.com comes amid its larger effort to explore the potential of blockchain and web3 technologies.

Previously, Sony unveiled Soneim, an Ethereum-based Layer-2 network developed by its Singapore-based subsidiary, Sony Block Solutions Labs. This move underscores the company’s commitment to blockchain technology and its vision for a more integrated Web3 ecosystem.

Although Sony currently supports only USDC for crypto payments, the platform is considering accommodating additional cryptocurrencies. This move comes amid USDC issuer Circle’s initiative to provide an initial public offering (IPO). Circle filed for an IPO by submitting its prospectus to the SEC.

Sony Offers Exclusive Promotion for Crypto.com USDC Users

As part of the partnership, Sony Store Online provides two promotional programs for Crypto.com users to attract more customers. As per the scheme, the platform will distribute LinkBuds Speaker worth 299 Singapore dollars to the first 50 customers who spend a minimum of 300 SGD ($223) USDC on the platform via Crypto.com Pay.

Furthermore, the first 150 customers who spend at least 100 SGD in USDC will receive a 20 USDC bonus in their Crypto.com account. Notably, customers who make a purchase of 300 SGD on the Sony online store can qualify for both promotional offers, essentially doubling their rewards

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Nynu V Jamal

Nynu V Jamal is a passionate crypto journalist with three years of experience in blockchain, web3, and fintech spheres. She has established herself as a knowledgeable and engaging voice in the cryptocurrency and blockchain space. Her experience as an Assistant Professor in English Language and Literature has further added to her quest for crafting informative, well-researched, and accessible content.

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.





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