Crypto Market Today (March 7): Despite U.S. President Donald Trump’s recent announcement about a ‘Bitcoin reserve’ and a ‘crypto stockpile,’ BTC price backtracked to a $84K low intraday. Simultaneously, Ethereum (ETH), Solana (SOL), and XRP prices followed by dropping 1-6% in the interim. Meme coins also traded mainly in the red zone on Friday, with the broader sector’s action collectively sparking severe investor concerns despite the latest pro-crypto advancements.
Crypto Market Today: BTC, ETH, SOL, XRP Wane Despite U.S. Crypto Reserve Establishment
The global crypto market lost nearly 4% value today as the market cap shrank to $2.88 trillion despite pro-cryptocurrency advancements in the U.S.
President Donald Trump recently signed an executive order to establish a Bitcoin strategic reserve. Furthermore, the order also focused on creating a ‘crypto stockpile’ in the U.S. that consists of coins like XRP, SOL, & ADA. However, despite these much-awaited pro-crypto developments, prices today encounter considerable volatility.
BTC Price Hits $84K Low Again
After showcasing a recovery-like trend, BTC price again leaves hope sinking as it fell over 4% to $87,071 at the time of reporting. Besides, CoinMarketCap’s data showed that the coin bottomed at $84,717.68 over the past day. This waning action raised severe concerns, contrary to the strategic U.S. reserve announcement that was expected to bolster the price.
Besides, with $259.24 million in liquidations in the past 24 hours, per Coinglass data, Bitcoin continues to face turbulence. Even BTC futures OI slipped 4.6% today and closed in at $48.48 billion, signaling declining market interest despite favorable developments. CoinGape reported that Bitcoin recorded selling pressure amid market-wide speculations that the U.S. government won’t add more BTC to the reserve.
ETH Price Dips 6% Amid Crypto Market Volatility
ETH price cracked by 6% intraday and exchanged hands at $2,146. The coin bottomed and peaked at $2,103.47 and $2,319.40 in the past 24 hours. The second-largest coin by market cap wanes alongside $72.04 million worth of liquidations recorded over the past day. Ethereum’s futures OI also declined by 4.24% to $19.24 billion, rationalizing a downtrend. The coin’s market dominance rested at 9.1% today.
XRP Price Slips 1%
XRP price witnessed a drop of slightly over 1% and is currently sitting at $2.47. The coin hit an intraday low and high of $2.39 and $2.64, respectively. Ripple’s cryptocurrency follows the broader market trend, facing turbulence amid $24.34 million in liquidations recorded over the day. Conversely, the coin’s future prospects remain optimistic amid rising XRP whale accumulations.
SOL Price Loses 5%
SOL price witnessed a 5% downfall in the past 24 hours and closed in at $141. The coin swooped to a $135.72 low and a high of $152.78 intraday. Even Solana registered $21.67 million worth of liquidations, aligning with the tumbling action.
Meme Crypto Market In The Red
Simultaneously, Dogecoin (DOGE) price pulled back nearly 5% and exchanged hands at $0.1967. Shiba Inu (SHIB) price lost over 2% and stood at $0.00001318. Even Pepe Coin (PEPE) price lost 6% and exchanged hands at $0.000006717. Altogether, the meme coin market mirrors broader trends.
Top Gainers In The Crypto Market Today
Some tokens appear to have defied the fading market trend today, entering the green zone.
Movement (MOVE)
Price: $0.4945
24-Hour Gains: +5%
MOVE price soars alongside Donald Trump’s World Liberty Financial’s rising accumulations for the token, per recent Spotonchain X post.
Sui (SUI)
Price: $2.68
24-Hour Gains: +1%
Sui gains alongside its new collaboration with Trump’s World Liberty Finance. WLFI will include SUI in their strategic token reserve, as revealed by the crypto’s community posted on X.
Jito (JTO)
Price: $2.66
24-Hour Gains: +0.5%
Top Losers In The Crypto Market Today
Other tokens that bore the brunt of a broader market dip are:
Ondo (ONDO)
Price: $1.02
24-Hour Loss: -14%
Sonic (S)
Price: $0.5206
24-Hour Loss: -13%
Cardano (ADA)
Price: $0.8549
24-Hour Loss: -10%
In conclusion, the market sentiment remains uncertain despite the optimistic announcement of a Bitcoin strategic reserve establishment. Traders and investors eagerly await the looming White House crypto summit for further clarity on the market’s future.
The post Crypto Market Today (Mar 7): BTC & Altcoins Fade Despite Trump’s Pro-Crypto Usher appeared first on CoinGape.
