Crypto majors are very red following a red Tuesday across markets; BTC -3% at $88,200; ETH -6% at $2,905, SOL -2% at $127; XRP -2% to $1.88. MYX (+11%) and ZRO (+10%) led top movers. Bitcoin and Solan
The cryptocurrency market experienced a broad selloff this Tuesday (1/21), with major token prices pulling back sharply. Bitcoin (BTC) fell below the $90,000 mark, while Ethereum (ETH) dropped more than 6%. However, MicroStrategy founder Michael Saylor announced additional Bitcoin purchases, and President-elect Trump delivered a speech via video at the World Economic Forum in Davos, providing some support to market sentiment.
Bitcoin shed 3% on the day, trading at $88,200, breaking below key technical support levels. Ethereum followed suit, falling 6% to $2,905. Solana's decline was relatively contained at around 2%, trading at $127. XRP also dipped 2% to $1.88. Both Bitcoin and Solana fell below important moving average supports, signaling continued upward pressure on short-term selling.
On the flip side, some tokens bucked the trend. MYX surged 11% in a single day, while ZRO gained 10%, emerging as rare bright spots amid this week's rout.
MicroStrategy (MSTR) Executive Chairman Michael Saylor revealed the company spent approximately $2.13 billion on additional Bitcoin, continuing its aggressive Bitcoin treasury strategy. Trump, speaking via video at the Davos forum, stated that the United States would become the global cryptocurrency capital, and promised to create a regulatory environment favorable to industry development, delivering a shot in the arm to the recently sluggish market.
Analysts noted that while short-term technicals remain weak, institutional buying and policy tailwinds are expected to continue serving as critical support for the cryptocurrency market.
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