Bitcoin Price Move: Wall Street’s Growing Influence and Regulatory Concerns

Bitcoin’s price could be hitting a top as investors react to Trump’s tariff plans and regulatory delays. Institutional trading is increasingly playing a bigger role in Bitcoin’s price moves, according to a recent report by Matrixport, a Singapore-based blockchain firm. Currently, Bitcoin’s market dominance remains at 60%, making it the key benchmark for crypto traders.

Wall Street’s Influence on Bitcoin

Matrixport analysts noted that Wall Street’s influence on Bitcoin is growing. This trend is likely to continue as more institutional investors enter the cryptocurrency market. On the technical side, the price of Bitcoin could drop to its next support level at $73,000.

As of the current time, Bitcoin is trading at $88,290. However, the price briefly dropped to $86,099 earlier, wiping out $1.06 billion across the crypto market. Long positions took the biggest hit, losing $873 million.

Market Reaction and Trends

Data from CoinGlass shows that more than 220,000 traders have been liquidated as prices tumbled, while open interest slipped 5%, suggesting traders are pulling back. Exchange inflows have also surged 14.2%, possibly signaling panic selling.

Spot Bitcoin exchange-traded funds also saw big outflows, with $1.1 billion leaving over five days, including $516 million on Feb. 24 alone. Crypto stocks followed the slide, with Coinbase (COIN) dropping 6.4%, Robinhood (HOOD) falling 8%, and Bitcoin miners Bitdeer (BTDR) and Marathon Digital (MARA) losing 29% and 9%, respectively.

Some key levels to watch in the Bitcoin market include:

  • Next support level at $73,000
  • Market dominance remains at 60%
  • Institutional trading’s growing influence on Bitcoin’s price moves
  • Regulatory concerns, including Trump’s proposed tariffs and possible delays in the Bitcoin Strategic Reserve consultation

Investors should stay informed about market trends and regulatory developments to make informed decisions in the ever-changing cryptocurrency market.

Stay up-to-date with the latest news and trends in the cryptocurrency market by following Global Crypto News.

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