Bitcoin Drops 5% To $82,310, Ethereum, ADA Follow; Why Is Crypto Market Falling?

Bitcoin price fell by 5% to $82,310 in 24 hours, with a market cap drop of 4.29% to $1.63 trillion. Ethereum fell over 5%, and XRP dropped 21.85% in seven days.

Bitcoin price fell by 5% to $82,310 in 24 hours, with a market cap drop of 4.29% to $1.63 trillion. Ethereum fell over 5%, and XRP dropped 21.85% in seven days.

Bitcoin price witnessed a weak momentum as it fell by 5 per cent in the past 24 hours. The price came down to $82,310 per coin according to CoinMarketCap. The market cap of Bitcoin faced the brunt too with a fall of 4.29 per cent at $1.63 trillion.

Bitcoin prices are witnessing a downward momentum for the past one month with a slide of 14.47 per cent. The brief relief came when the bitcoin prices rose after US President Donald Trump announced to create a strategic US cryptocurrency reserve.

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Trump stated that five digital assets – Bitcoin, Ether, XRP, Solana, and Cardano (ADA) – would be included in a strategic US cryptocurrency reserve.

Ehtereum, the second most popular cryptocurrency, fell over -5 per cent in the past 24 hours, and -15 per cent in the last seven days. The last trading price of Ethereum as of Monday was at $2,060.45.

XRP, one of crypto currency to be part of US cryptocurrency reserve. dropped -21.85 per cent in the past seven days. Likewise, Solana was lower by -24 per cent in the same time period. Solana’s current trading price was at $127.38 per piece.

Why Are Bitcoin And Other Cryptocurrencies Falling?

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QCP Capital, Singapore-based digital asset trading firm, said in a note that “was widely expected to be bullish for BTC. However, it added, the market, in typical “sell the news" fashion, saw BTC plummet from $90k to $85k upon the signing.

“The knee-jerk reaction lower likely stems from the realization that no actual budget has been allocated for BTC purchases in the near term," it added. Instead, the Reserve will initially be capitalized using BTC already held by the U.S. government, primarily those forfeited through criminal or civil asset forfeitures."