Summary:
Global crypto market cap fell 1.7% to $3.5 trillion.
Bitcoin, Solana, and XRP held above critical support levels.
BlackRock acquired $3.2 billion worth of BTC in recent days.
Larry Fink speculates Bitcoin could reach $700,000 with sufficient institutional investment.
$TRUMP meme coin has surged to $8.4 billion in market cap.
Crypto Market Overview
The global crypto market capitalization has decreased by 1.7%, settling at $3.5 trillion as of Wednesday. Despite this, Bitcoin, Solana, and XRP have managed to maintain their positions above critical support levels of $103,000, $3, and $250, respectively.
Bitcoin Market Updates
In a significant market event, Bitcoin's price has stabilized above $103,500, following a four-day streak of inflows into Bitcoin ETFs, which saw an impressive $802 million on just one day. Notably, BlackRock has led the charge, acquiring $3.2 billion worth of BTC since January 15.
Additionally, Larry Fink, CEO of BlackRock, suggested that Bitcoin's price could potentially reach $700,000 if institutional investors allocate 2% to 5% of their portfolios to the cryptocurrency.
Altcoin Market Updates
Solana (SOL) has shown remarkable resilience, trading around $257.56, buoyed by a 93% likelihood of ETF approval in 2025 according to Polymarket data. Meanwhile, XRP has remained stable at $3.17, bolstered by an upcoming listing on the CME Group derivatives exchange, enhancing Ripple's regulatory standing.
Meme Coin Market Surge
In a surprising twist, President Donald Trumpâs newly launched meme coin, $TRUMP, has garnered $8.4 billion in market capitalization. This has sparked both interest and scrutiny, leading firms like REX Advisers and Osprey Funds to seek ETF approvals tied to $TRUMP and other meme coins.
Layer-1 Sector Performance
The Layer-1 sector faced a 2.4% decline, with mixed reactions across the market. Avalanche (AVAX), Hedera (HBAR), and Cardano (ADA) reflected cautious investor sentiment amidst speculation.
Key Events Impacting the Market
President Trumpâs pardon of Ross Ulbricht, founder of Silk Road, and the reversal of sanctions against Tornado Cash have significantly influenced market dynamics, leading to a surge in privacy coins like Monero (XMR), which rose to $222.51.
Crypto News Highlights
- Larry Fink: Bitcoin could reach $700,000 with increased institutional adoption.
- Coinbase has identified 430 BTC linked to Ross Ulbricht, untouched since the Silk Road era.
- Coinbase also plans infrastructure upgrades to address Solana transaction delays.
- Virtune launches Finlandâs first crypto ETPs on Nasdaq Helsinki, offering euro-denominated investments.
Stay tuned for more updates as the crypto landscape continues to evolve.
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