The cryptocurrency market witnessed a sharp selling wave led by Bitcoin (BTC) on Thursday, April 25. The leading cryptocurrency lost approximately 4% of its value, falling below the $65,000 level and settling around $64,320. This decline sent shockwaves throughout the market, pushing most major altcoins into the red.
Bloodbath in the best coins
Ethereum (ETH), the second-largest cryptocurrency, traded below $3,200, down over 3.5%, mirroring Bitcoin’s woes. Popular altcoins were not spared either. Solana (SOL) experienced a significant decline of 7.5%, falling below the $150 threshold. XRP and Cardano (ADA) also experienced losses exceeding 4% and 6% respectively. Even meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB) could not escape the decline, dropping over 7% and 8% respectively.
While the overall sentiment remains bearish, a few outliers have managed to buck the trend. EOS (EOS) emerged as an unlikely hero, rising over 5.7%. Tron (TRX) and UNUS SED LEO (LEO) also made modest gains. However, these positive performances were overshadowed by widespread losses.
Economic data concerns in the USA affect Bitcoin
Analysts attribute the market collapse to growing concerns about the US economy. S&P Global’s latest data revealed that business activity in the USA decreased and the Composite PMI Output Index fell to its lowest level in the last four months. This slowdown, combined with ongoing inflation, has increased investors’ concerns.
The upcoming FED meeting has a big impact on the market. The Fed’s stance on monetary policy will be closely examined as inflation remains stubbornly high despite interest rate increases. While some think the policy rate could remain in the current range, others fear that continued tightening could further hinder economic growth.
What are the next targets for Bitcoin price?
Meanwhile cryptokoin.com As we reported, Bitcoin critic Peter Schiff took advantage of the market turmoil and warned investors about the potential for a sharper decline. He emphasized the importance of Bitcoin maintaining the $60,000 support level, suggesting that a breach could trigger a more serious decline. Schiff highlighted the potential vulnerabilities of new investors entering the market through ETFs, comparing their experiences with seasoned hodlers accustomed to price volatility.
As the dust settles from the sell-off, the cryptocurrency market finds itself grappling with a number of uncertainties. The direction of the US economy, the Fed’s policy decisions, and Bitcoin’s ability to hold above $60,000 are important factors that will determine the market’s trajectory in the coming days and weeks. Only time will tell whether this crash is a temporary jolt or the beginning of a longer-lasting correction.
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