Bitcoin’s (BTC) decline is showing no signs of slowing down, with the price down over 6% in the past 24 hours. The flagship currency briefly dipped under the $80,000 level as bears eye $73,000. BTC’s decline this week has seen it drop nearly 20%, reaching its lowest level since November 11.
The decline is largely due to uncertainty around Donald Trump’s tariff plans and a decline in investor confidence after the Bybit hack that saw $1.5 billion worth of ETH stolen. This unprecedented decline in the value of BTC and other cryptocurrencies has led to the crypto market cap dropping nearly 6% to $2.66 trillion.
Ethereum (ETH) has also registered a substantial decline, down nearly 9% over the past 24 hours and trading just above $2,100. The world’s second-largest cryptocurrency has dropped over 23% in the past week. Ripple (XRP) has also registered a significant decline, down nearly 9% over the past 24 hours and almost 25% over the week. Solana (SOL) is down over 8%, while Dogecoin (DOGE) has declined nearly 10% over the past 24 hours. Cardano (ADA), Tron (TRX), Litecoin (LTC), Chainlink (LINK), Stellar (XLM), Toncoin (TON), Polkadot (DOT), and Hedera (HBAR) have also registered significant declines.
House Democrats Take Aim At TRUMP Memecoin
House Democrats are taking aim at Donald Trump’s TRUMP meme coin, which launched over a month ago. The meme coin quickly surged to record valuations before dropping as early investors dumped the cryptocurrency. This has not gone unnoticed after thousands of investors took a hit as billions in value quickly vanished. California freshman Democrat Rep. Sam Liccardo is planning to introduce legislation to prohibit the country’s top officials and their families from capitalizing on personal meme coins.
The Modern Emoluments and Malfeasance Enforcement (MEME) Act will prohibit President Trump, the Vice President, members of Congress, senior executive officials, and their spouses and dependent children from issuing, sponsoring, or endorsing a future, commodity, security, or digital asset. According to Liccardo, The President and First Lady cashed in on their meme coins and enriched investors who initially supported the token, leaving others suffering heavy losses. TRUMP was launched just days before the President assumed office, with the First Lady similarly launching the MELANIA meme coin. Liccardo’s legislation is not expected to become law over the next two years as Republicans hold the majority in the House and Senate. However, Democrats are working to build support to secure a Democrat majority.
“Let’s make corruption criminal again. Our public offices belong to the public, not the officeholders, nor should they leverage their political authority for financial gain. The Trumps’ issuance of meme coins financially exploits the public for personal gain and raises the specter of insider trading and foreign influence over the Executive Branch.”
Most Meme Coins Do Not Qualify As Securities: SEC
The United States Securities and Exchange Commission (SEC) has said that most meme coins do not meet the definition of a security under federal law and exempted them from registration requirements. Meme coins derive their value from community engagement and speculation rather than utility, according to the SEC’s Division of Corporation Finance. The assets are likened to collectibles and lack the yield-generating mechanisms or right to profits, setting them apart from traditional securities.
The SEC applied the Howey Test and found that meme coin transactions do not involve pooled investments or reliance on promoters’ managerial efforts to generate profits. Price fluctuations typically stem from market sentiment and trading activity. The SEC also emphasized that meme coin investors do not invest in a shared enterprise, and promoters rarely engage in efforts that directly influence the asset’s price. However, it warned that products intentionally mislabeled as meme coins to evade securities law will face legal scrutiny. State and Federal agencies could prosecute fraudulent activities outside the purview of the SEC.
BitMEX Looking For A Buyer
According to sources, cryptocurrency exchange and derivatives trading platform BitMEX is looking for a buyer. The exchange, which made perpetual futures popular among leverage-hungry crypto traders, has appointed boutique investment bank Broadhaven Capital Partners to assist with the sales process. There has been growing interest in crypto derivatives lately, with Kraken and Coinbase vying for ownership of crypto options exchange Deribit. FalconX has also purchased Arbelos Markets to expand its footprint in the derivatives business.
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) has slumped below $80,000 as its recent sell-off continues. The flagship cryptocurrency is down over 8% during the current session in an unprecedented decline and has lost nearly 20% over the past week, making it one of the largest daily and weekly declines in its history. The last time BTC traded at these levels was in November 2024, just before embarking on a rally that took it beyond $100,000 and to a new all-time high at the beginning of 2025. However, the decline has seen BTC lose all the gains made since. According to Joshua Chu, the Co-Chair of the Hong Kong Web3 Association, positive sentiments from a crypto-friendly administration may have run out of steam.
“Bitcoin’s fall below $80k shows that positive sentiments from a crypto-friendly administration and high-profile endorsements have run their course.”
BTC has shed over a quarter of its market value since December-January, when it peaked at an all-time high close to $109,000 and has lost all the gains made since November 2024. President Trump had campaigned on the promise of making the US the crypto capital of the world, creating a strategic Bitcoin reserve, and loosening the regulatory shackles. However, beyond a flurry of crypto-friendly appointments, there has been little else for crypto companies and investors. Kyle Rodda, Senior Financial Market analyst at Capital.com, stated,
“Momentum ran out when there was no fresh news to keep driving the bullish narrative. On top of that, given the move in Mag 7 stocks we’ve seen, which is also a story of momentum slowing and valuations deflating, bitcoin, which still trades as a ‘higher beta tech’ play, is being dragged down by a sell-off in Wall Street tech stocks.”
Investors have also been pulling out record sums from spot Bitcoin ETFs. Markets are being jittery, fearing the so-called exceptionalism of the US economy may be fading as Trump prepares to impose tariffs on Canada and Mexico. Fears of a trade war with China have also stoked fears of higher inflation and slower growth. Trump confirmed that 25% tariffs on goods imported from Canada and Mexico will begin from March 4. The hack of Dubai-based Bybit, which saw $1.5 billion worth of ETH stolen, has also impacted investor sentiment.
BTC registered a healthy recovery last Wednesday after starting the week in the red, rising 0.79% to $96,386. Sellers retained control as the price moved past the 20-day SMA to settle at $98,251, registering an increase of nearly 2%. However, news of the Bybit hack broke on Friday, sending the markets into turmoil. As a result, BTC encountered volatility before dropping over 2% to go below the 20-day SMA and settle at $96,184. BTC recovered on Saturday, registering a marginal increase, but fell back on Sunday to end the weekend in the red at $96,084.
Source: TradingView
Markets turned bearish on Monday, resulting in BTC breaking out of its consolidation phase, dropping nearly 5% to go below $94,000 and settle at $91,622. Sellers retained control on Tuesday as BTC slipped below the crucial $90,000 level on its way to an intraday low of $85,985.
The price recouped some losses from this level but could not reclaim $90,000, ultimately settling at $88,654. Selling pressure intensified on Wednesday as BTC dropped to an intraday low of $82,081. It recovered from this level to settle at $84,129, ultimately registering a drop of over 5%. Buyers attempted a recovery on Thursday as BTC rose to an intraday high of $84,044. However, it could not stay at this level and ultimately settled at $84,657, registering only a marginal increase. The current session has seen selling pressure intensify as BTC plunged below $80,000. The price is down nearly 7% and trading just above $79,000.
BTC’s decline has seen the flagship cryptocurrency slip below key moving averages and support levels. With sellers overwhelming the support at $80,000, analysts expect BTC to slip below $75,000 if its decline continues. A drop below this level could drag it to $72,000-$73,000. The RSI has plunged below 30, indicating significant selling pressure. However, it also suggests BTC is due a reversal or short-term bounce. However, buyers must be cautious as it could remain in the oversold zone and continue correcting. Buyers must reclaim $80,000 and move past the 200-day SMA to prevent a further decline.
Ethereum (ETH) Price Analysis
Ethereum (ETH) dipped below $2,300 during the current session as bearish sentiment around the asset gathers steam. The world’s second-largest cryptocurrency has plunged over 10% in the past 24 hours and nearly 24% over the past week, declining for the fifth consecutive day. ETH has hit levels not seen since January 2024 as risk-off sentiment grows. Analysts are worried a continuing decline could see ETH slip below $2,000. Pav Hundal, Lead Market Analyst at Swyftx, stated,
“We’ve gotten used to U.S ETFs picking up the slack, and that’s not happening right now. Instead, we’ve watched value exit funds at record levels over the last seven trading days as bad news has piled on bad news. Risk aversion has taken over, and we’re seeing underwhelming performances across crypto, gold, and global equity indexes.”
ETH has struggled to move past the 20-day SMA, briefly crossing it on Thursday before registering a drop of nearly 3% to slip below the moving average and settle at $2,663. Buyers returned to the market over the weekend as ETH rose almost 4% on Saturday to move past the 20-day SMA and settle at $2,766. ETH continued to push higher on Sunday, increasing nearly 2% to settle at $2,821. However, sentiment changed on Monday as markets turned bearish. As a result, ETH dropped almost 11%, slipping below the 20-day SMA to settle at $2,517.
Source: TradingView
Sellers retained control on Tuesday as ETH fell to an intraday low of $2,322. It recovered from this level to settle at $2,488, ultimately registering a drop of nearly 1%. Bearish sentiment intensified on Wednesday as ETH fell over 6% to $2,334, where analysts expected buyers to step in. The price registered a marginal decline on Thursday as ETH held firm above $2,300. However, the price collapsed during the current session as ETH plunged below $2,300 and $2,100, declining over 9% to its current level of $2,091. If ETH continues to drop, it could slip below $2,000, potentially testing the $1,900 level. ETH’s RSI is currently 25 and pointing downwards, indicating significant selling pressure. The MACD is also bearish, suggesting a further decline.
Solana (SOL) Price Analysis
Solana (SOL) has slipped below $130 during the current session as sellers held control. SOL traded around the $170 level last week, dropping to $169 on Tuesday and registering a marginal decline on Wednesday as buyers prevented a further decline. The price recovered on Thursday, rising over 4% to reclaim $170 and settle at $176. However, sellers retook control on Thursday as SOL dropped 4.07%, going below $168 and settling at $168. The weekend was mixed for SOL as it rose 1.92% on Saturday before dropping 2.40% on Sunday to settle at $168.
Source: TradingView
Bearish sentiment intensified on Monday as SOL fell over 15%, slipping below $150 and settling at $142. It fell to an intraday low of $131 on Tuesday as selling pressure intensified. However, SOL rebounded from this level to register an increase of 1.60% and settled at $144. SOL was back in the red on Wednesday, falling over 6%, slipping below $140 and settling at $135. Despite the bearish sentiment, SOL recovered on Thursday, rising nearly 2% to settle at $137. The current session sees SOL back in the red, with the price down almost 6% and trading at $129. The MACD and RSI are bearish, indicating SOL could see a further decline, potentially dropping to $120 before rebounding.
Dogecoin (DOGE) Price Analysis
Dogecoin (DOGE) failed to move past the 20-day SMA last weekend after reaching an intraday high of $0.283 on Saturday. By Tuesday, DOGE had dropped to $0.25 as sellers attempted to drive the price toward $0.20. DOGE recovered on Wednesday, rising 1.56% to $0.254, before registering a marginal increase on Thursday. However, DOGE fell on Friday as markets turned bearish, dropping 6% to $0.239. The price registered an increase of nearly 3% on Saturday but was back in the red on Sunday, falling 1.50% to end the weekend at $0.242.
Source: TradingView
Bearish sentiment intensified on Monday as DOGE plunged over 13%, slipping below the 200-day SMA and settling at $0.210. The price continued to decline on Tuesday as it fell to an intraday low of $0.195. However, it recovered from this level to reclaim $0.20 and settle at $0.212 after a marginal increase. Sellers returned to the market on Wednesday as the price fell over 4% to $0.203. DOGE rebounded on Thursday, registering an increase of nearly 2% to $0.206. The current session sees DOGE down almost 11% and trading at $0.184 after losing the $0.20 support level. The MACD and RSI are bearish, indicating a further decline.
Ripple (XRP) Price Analysis
Ripple (XRP) is struggling to stay above $2, with the price down nearly 9% over the past 24 hours. Bears could target the $1.77-$1.80 level if $2 is breached. The cryptocurrency has declined almost 25% over the past week as bearish sentiment increases. XRP slipped below the 20-day SMA last Tuesday, dropping nearly 4% to a low of $2.47. However, it rebounded on Wednesday, rising almost 7% to move above the 20 and 50-day SMAs and settle at $2.73. Buyers lost momentum at this level, and the price dropped nearly 2% on Thursday to slip below the 50-day SMA and settle at $2.69. Sellers retained control on Friday, falling 4.40% to settle at $2.57.
Source: TradingView
Price action was muted over the weekend as XRP registered marginal increases on Saturday and Sunday. However, bearish sentiment returned on Monday as the price plunged nearly 12%, slipping below the 50-day SMA and settling at $2.28. Sellers drove XRP to an intraday low of $2.06 on Tuesday. XRP recovered from this level to reclaim $2.30 and settle at $2.32, ultimately registering an increase of just under 2%. XRP was back in the red on Wednesday falling over 5% to $2.19. The price registered a marginal rise on Thursday but has declined considerably during the current session, down over 8% and trading just above $2. If XRP closes below $2, it could drop toward $1.75 and test its February 4 low. The RSI and MACD are bearish, indicating more selling pressure ahead for XRP.
Ondo (ONDO) Price Analysis
Ondo (ONDO) dropped to a low of $1.12 last Tuesday, starting the previous week on a bearish note. The price recovered on Wednesday, registering a marginal increase before rising 2.33% to $1.24 on Thursday. However, markets turned bearish on Friday, and ONDO fell just over 9% to $1.12. The weekend began with a recovery as the price rose nearly 3% on Saturday. However, it was back in the red on Sunday, falling 2.18% to $1.13.
Source: TradingView
Bearish sentiment intensified on Monday as ONDO dropped over 13%, slipping below the 200-day SMA and $1 and settling at $0.98. The price fell to an intraday low of $0.904 on Tuesday as selling pressure intensified. However, ONDO rebounded from this level to register an increase of just over 2% and settle at $1. Selling pressure returned Wednesday as the price fell nearly 3% to $0.975. A marginal drop on Thursday saw ONDO drop to $0.970. The current session sees ONDO down over 6% and trading at $0.910.
Jupiter (JUP) Price Analysis
Jupiter (JUP) turned bearish last weekend after reaching an intraday high of $1 on February 14. With sellers taking control, JUP dropped to an intraday low of $0.672 by Tuesday as it started the week in the red. Buyers attempted a recovery on Wednesday as the price reached an intraday high of $0.771. However, it could not stay at this level and ultimately settled at $0.718, registering a marginal decline. JUP recovered on Thursday, registering an increase of over 9% to settle at $0.786. The price reached an intraday high of $0.840 on Friday as buyers attempted a move past the 20-day SMA. However, it lost momentum after reaching this level and dropped just over 3% to $0.762.
Source: TradingView
JUP registered a mixed weekend, registering an increase of 3.72% on Saturday and dropping nearly 2% on Sunday to settle at $0.775. Bearish sentiment intensified on Monday, and JUP plunged over 11% to $0.687. The price fell to an intraday low of $0.635 on Tuesday as selling pressure intensified. However, it rebounded from this level to register an increase of 1.57% and settle at $0.698. JUP continued to push higher on Wednesday, defying market sentiment to register an increase of over 4% to $0.729. The price fell on Thursday after reaching an intraday high of $0.753, ultimately dropping 1.48% to $0.718. The current session sees JUP down nearly 2% and trading at $0.706, recovering from an intraday low of $0.670.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
