Bitcoin Retreats Below $97K, Utah Passes Bill Permitting BTC Investments as Trump Media & Technology Group Corp. Files Trademark Applications Targeting Cryptocurrency

The cryptocurrency market experienced a downturn on Thursday, with the global market capitalization falling 1.4% to $3.15 trillion, amid significant developments in institutional adoption and mixed traditional market performance.

The cryptocurrency market saw a downturn on Thursday, with the global market capitalization decreasing by 1.4% to $3.15 trillion amid institutional adoption developments and mixed traditional market performance.

Bitcoin retreated below the $97,000 mark, reaching a low of $95,707.35, despite Utah’s House of Representatives passing legislation that would allow Bitcoin investments in the state.

The bill, which now awaits Senate review, is considered a significant advancement in state-level cryptocurrency regulation, according to Binance.

Heavy liquidations occurred as the market declined, with 117,835 traders facing positions worth $234.29 million being cleared in the past 24 hours, according to CoinGlass.

On Thursday, Trump Media & Technology Group Corp DJT revealed that it has applied for trademarks for six investment products targeting the Bitcoin, U.S. manufacturing, and energy sectors.

Some of the trademarks include Truth.Fi Bitcoin Plus ETF, Truth.Fi Made in America ETF, and Truth.Fi U.S. Energy Independence ETF. President Donald Trump has a majority stake in TMTG, which owns the Truth Social platform.

Top Gainers (24-Hours)

Despite crypto’s pullback, traditional markets showed resilience. The Dow Jones Industrial Average climbed 125.65 points or 0.28% to 44,747.63, while the S&P 500 advanced 0.36% to 6,083.57. The Nasdaq Composite gained 0.51%, reaching 19,791.99. However, Dow futures slid 125.65 points during Thursday’s session.

Wall Street is preparing for the January jobs report, which shows a substantial gap between economist projections and speculative market bets.

Goldman Sachs economist Ronnie Walker predicted in a note on Thursday that nonfarm payrolls would increase by 190,000 for the month, exceeding the consensus estimate of 170,000 but falling short of the figures being bet on by the market.

The Crypto Fear and Greed Index remained in "Fear" territory at 44.

Despite the current market conditions, some analysts remain bullish. Cryptocurrency analyst Ali Martinez suggested on X that if Ethereum breaks above the $4,000 level, it could target significant price points, potentially reaching $7,400, $10,000, or even $14,000.

Adding to the optimistic view, analyst Michaël van de Poppe observed potential positive signals for ETH's performance against Bitcoin in the coming week. “We'll have a bullish divergence that could become valid,” he wrote.

Next week green on $ETH vs. $BTC and we'll have a bullish divergence that could become valid. Some slight signals.