Bitcoin (BTC) Faces Critical Support Level at $83,500

Bitcoin (BTC), the leading cryptocurrency, is currently trading around $83,424 after a 3.55% decline in the past day.

The global cryptocurrency market capitalization now stands at approximately $2.81 trillion, reflecting a slight 0.44% decrease over the past 24 hours, according to the latest data from DeFi Llama.

Despite this recent setback, the world's crypto market is still recovering after falling below the $2 trillion mark last week amid concerns over a potential U.S. government crackdown on the industry.

However, with interesting developments such as the creation of a U.S. strategic cryptocurrency reserve and the soaring transaction volume of XRP, the crypto landscape is experiencing dynamic shifts.

BTC Price Still Critical at $83,500 Support Level

The leading cryptocurrency, Bitcoin (BTC), is currently trading around $83,424 after a 3.55% decline in the past day.

As BTC faces diminishing demand, traders are keenly watching the $83,500 support level, which is crucial for determining the next move.

If Bitcoin manages to stay above this threshold and демонстрирует signs of renewed buying pressure, traders could target the next resistance levels at $88,000 or $90,000.

However, if the bears manage to push Bitcoin below $83,500, traders anticipate further downward pressure, potentially driving prices toward the $80,000 mark before a potential rebound.

Despite this recent pullback, long-term projections for Bitcoin remain bullish.

Market analysts predict that BTC could reach $150,000 by the end of 2025, fueled by several factors, including increased institutional adoption, the upcoming Bitcoin halving event, and a favorable regulatory environment.

XRP Activity Soars to New Heights with Record Transactions

In other developments, XRP has seen a remarkable increase in transaction volume, with over $5.37 billion worth of XRP transferred in the last 24 hours.

This surge in transactions is part of a broader trend that saw a sevenfold increase in active XRP addresses this week, climbing from 74,589 to 462,650, marking an all-time high.

According to market analysts, this growth can be attributed to several factors, including growing investor confidence in response to recent legal victories for major crypto exchanges.

Moreover, the anticipation of upcoming regulatory clarity and speculation surrounding XRP’s potential role in cross-border payments are also contributing to the surge in activity.

If XRP continues this upward trajectory and manages to reach Bitcoin’s current market cap, its price could soar to approximately $30 per token.

With increasing adoption and new partnerships, XRP remains one of the most closely watched digital assets in the crypto space.

U.S. Establishes Strategic Cryptocurrency Holdings - 'Digital Fort Knox'

In a move that has major implications for the U.S. and the global cryptocurrency scene, President Donald Trump signed an executive order to establish a U.S. Strategic Cryptocurrency Reserve, also known as "Digital Fort Knox."

This initiative aims to position the United States as a global leader in cryptocurrency and blockchain technology.

The cryptocurrency portfolio will initially include Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Solana (SOL), and Cardano (ADA).

The assets will be sourced from existing government-owned crypto holdings, including a $17 billion Bitcoin reserve that was seized through legal action.

The administration will also be exploring additional cryptocurrency acquisitions without placing financial burdens on taxpayers.

Reactions to this development have been mixed, with some investors expressing concerns over government influence over the crypto market.

However, others view it as a step toward mainstream institutional legitimacy and stability for the cryptocurrency industry.

Argentina's Cryptocurrency Scandal - 'Cryptogate' Rocks the Nation

In international news, Argentina is grappling with a major cryptocurrency scandal that has rocked the nation and led to calls for impeachment.

The controversy arose after President Javier Milei publicly endorsed the cryptocurrency $LIBRA, which subsequently crashed in value, resulting in $250 million in investor losses.

This incident, dubbed "Cryptogate," has sparked allegations of a "rug pull" scam, with claims that Milei and his administration were involved in defrauding investors.

As a result, furious citizens are demanding action and calling for Milei to be impeached over the alleged scam and mishandling of public funds.

This marks the first major political scandal of Milei’s presidency, and it has significant implications for both the Argentine political landscape and the role of cryptocurrencies in the country.

Investors are now displaying caution towards any political tokens, fearing potential manipulation and fraud. They will be keenly watching the developments of this unfolding scandal and its impact on the cryptocurrency market in Argentina and beyond.

Pi Network's Market Position and Potential Binance Listing

Popular cryptocurrency Pi Network is currently trading at $1.79, marking a slight 0.1% decrease in the last 2