TOKENICATION_ is your reliable source for the latest news and analysis on cryptocurrencies. We provide up-to-date information on Bitcoin, Ethereum, and other digital currencies to keep you informed about the latest trends and help you make informed decisions.
Date: 2025-02-26 08:51:48
Bitcoin might be nearing its peak as traders respond to Trump's tariff proposals and regulatory setbacks.
Institutional trading is increasingly impacting Bitcoin's (BTC) price fluctuations, with Wall Street's sway becoming more significant, according to a study by Matrixport, a Singapore-based blockchain company. The analysts highlighted in a post on Feb. 26 that Bitcoin's market dominance continues to hover around 60%, making it the primary benchmark for crypto traders.
Today’s Matrixport – Feb 26 2025
Wall Street’s Impact on #Bitcoin: Critical Levels to Monitor#Crypto #BTC #BTCETF #CryptoMarket @BlackRock
However, apprehensions about Trump's suggested tariffs and a potential six-month postponement in the Bitcoin Strategic Reserve consultation may have led to a "technical topping pattern," according to Matrixport. From a technical standpoint, the price of Bitcoin could decline to its next support level at $73,000, the analysts indicated.
As of this writing, Bitcoin is being traded at $88,290. As reported earlier by crypto.news, BTC momentarily dipped to $86,099, eliminating $1.06 billion across the crypto market. Long positions suffered the most, incurring losses of $873 million.
Read More: "SEC Engages in Discussions to Pause Civil Fraud Lawsuit against TRON Founder Justin Sun"
Data from CoinGlass reveals that over 220,000 traders have been liquidated as prices plummeted, while open interest decreased by 5%, indicating that traders are becoming more cautious. Exchange inflows have also increased by 14.2%, possibly indicating panic selling.
Additionally, significant outflows were observed in spot Bitcoin exchange-traded funds, with $1.1 billion exiting over five days, including $516 million on Feb. 24 alone. Crypto stocks followed suit, with Coinbase (COIN) dropping by 6.4%, Robinhood (HOOD) falling by 8%, and Bitcoin miners Bitdeer (BTDR) and Marathon Digital (MARA) losing 29% and 9%, respectively.
Read More: "Bitcoin Drops Below $90K, Prompting $1B in Cryptocurrency Margin Calls"