Bitcoin and Ethereum prices decline, Crypto Market in bearish phase

Bitcoin experienced a 2% decline, dropping below $82,000, while Ethereum saw a significant 13% decrease, falling to $1,801 over the past week. The overall sentiment in the crypto market has been bearish, with notable losses in altcoins like Avalanche and Polygon.

The negative trend in Bitcoin’s price continued as it fell by 2% in the last 24 hours, reaching below $82,000. This decline contributed to an overall 6% drop in value over the past seven days, resulting in a 1.18% decrease in market capitalization to $1.62 trillion. Following suit, Ethereum also experienced a downward trend, declining by almost 13% to $1,801 within the same time frame, with its market cap decreasing to $217.34 billion by 1.97%.

Analysts from CoinDCX Research Team highlighted the widespread bearish pressure in the crypto markets, particularly with Bitcoin’s falling price testing lower supports. Additionally, other top altcoins like XRP and Solana are also facing downward price movements, with Ethereum dipping below the $1,800 mark. Furthermore, significant losses were observed in cryptocurrencies such as Avalanche (AVAX), Polygon (POL), Near (NEAR), and Uniswap (UNI), indicating a broader decline in the cryptocurrency market.

The upcoming week is expected to be volatile in the markets, with events such as EU CPI & unemployment data, Trump’s reciprocal tariffs, and US unemployment figures, nonfarm payrolls, and FED Chair Powell’s speech scheduled. Moreover, on the regulatory front, California proposed a bill to protect self-custody rights for Bitcoin and digital assets, while Japan’s Metaplanet, the only publicly listed Bitcoin treasury company, announced plans to raise JPY 2 billion for additional Bitcoin purchases.

In parallel, the Federal Deposit Insurance Corporation (FDIC) announced a policy reversal that had previously required banks to seek approval before engaging in cryptocurrency-related activities. This change is anticipated to encourage traditional financial institutions to become more involved in the crypto sector, potentially leading to the development of new crypto-related products and services.

In conclusion, the recent downturn in Bitcoin and Ethereum prices, along with the broader decline in the cryptocurrency market, indicates a bearish phase. Volatility is expected to persist in the coming days, with various economic events and regulatory developments shaping the landscape for cryptocurrencies.