The crypto market slid back into the red as it declined over 4%, slipping below the $3 trillion mark and moving to its current $2.87 trillion. Bitcoin (BTC) is down nearly 5% despite Donald Trump’s announcement of a strategic reserve consisting of Bitcoin. The flagship cryptocurrency has dropped below $90,000 and is trading at $87,687. The price had dropped to a low of $84,979 before recovering and moving to its current level.
Other cryptocurrencies have also registered substantial declines, with Ethereum (ETH) down over 6% and trading at $2,157. Ripple (XRP) is down nearly 2% and trading just below the $2.50 level at $2.48. Solana (SOL) is down almost 6% as it struggles to stay above $140, while Cardano (ADA) is down over 10% and trading at $0.867. Dogecoin (DOGE) is down nearly 8%, and Chainlink (LINK) is down over 4%, trading at just over $16. Meanwhile, Hedera (HBAR) is down nearly 6%, and Stellar (XLM) is down over 4%. Avalanche (AVAX), Litecoin (LTC), Toncoin (TON), and Polkadot (DOT) have also registered substantial declines.
Donald Trump Signs Executive Order To Create Bitcoin Reserve
President Donald Trump has signed an executive order to establish a strategic Bitcoin (BTC) reserve a day before the scheduled White House Crypto Summit, expected to be attended by several industry bigwigs. Trump revealed it would be capitalized by Bitcoin owned by the federal government and forfeited as part of criminal or civil asset forfeiture proceedings. The order stated,
“Bitcoin is the original cryptocurrency. Because there is a fixed supply of BTC, there is a strategic advantage to being among the first nations to create a strategic bitcoin reserve.”
The Treasury Department will set up a dedicated office to manage and administer the reserve. Market watchers expect the White House Crypto Summit to act as a stage for Trump to formally announce plans for the strategic reserve containing BTC and four other cryptocurrencies, namely ETH, ADA, SOL, and XRP. However, it is not yet clear how such a reserve would work or how it would benefit taxpayers. According to White House AI and Crypto Czar David Sacks, the federal government will have a strategy to maximize the value of its BTC holdings, but did not elaborate with details.
“The U.S. will not sell any bitcoin deposited into the Reserve. It will be kept as a store of value. The Reserve is like a digital Fort Knox for the cryptocurrency often called digital gold.”
Trump’s support for the crypto industry, which he spent millions on in his campaign, has led to concern in some conservative quarters and crypto community members over massive giveaways to an already wealthy community and delegitimizing the crypto industry. However, proponents of the reserve said it would help taxpayers benefit from crypto’s growth. BTC fell over 5% following the announcement and traded below $90,000. Charles Edwards, founder of Bitcoin-focused hedge fund Capriole Investments, stated,
“This is the most underwhelming and disappointing outcome we could have expected for this week. No active buying means this is just a fancy title for Bitcoin holdings that already existed with the Govt. This is a pig in lipstick.”
Markets Drop As Trump Reserve Plan Fails To Meet Expectations
The crypto market fell on Thursday after Donald Trump signed an executive order to create a strategic Bitcoin reserve, with BTC declining over 5% after the news broke. According to White House Crypto and AI Czar David Sacks, the reserve will include BTC owned by the US government, seized during previous enforcement action. According to Arkham data, the US government owns 56 ETH tokens valued at $119 million. However, investors dumped their tokens after it emerged the US had no immediate plans to purchase BTC. Steven Lubka, head of private clients and family offices at Swan Bitcoin, stated,
“It is good news, but not what the market wanted in the short term. People were hoping for near-term buy pressure.”
Sacks pointed out that Secretaries of Treasuries and Commerce are authorized to develop budget-neutral strategies to acquire additional BTC provided they have no incremental costs on American taxpayers and there was no plan to accumulate additional assets for the crypto stockpile beyond what is already acquired by the government. The executive order and announcement came days after Trump teased details about the Bitcoin reserve after making it one of his biggest promises to the industry when campaigning.
Markets have also been rocked by inflation concerns, tariffs, and the prospect of a trade war with China.JPMorgan has stated it does not expect a big move in the crypto space in the near term, given the broader economic outlook and weak demand. BTC had briefly reclaimed $90,000 earlier this week but has since declined to trade around the $88,000 price level.
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) is down over 5% over the past 24 hours as markets after Donald Trump signed an executive order to create a strategic Bitcoin reserve consisting of BTC and four other digital assets. However, the announcement fell short of market expectations, and BTC nosedived from above $90,000 to a low of $84,979 before recovering to settle at its current level. BTC had shown signs of recovery this week but has fallen into bearish territory over the past two sessions, declining after reaching the $90,000 level. Price action remains volatile for the flagship cryptocurrency, and indicators point to a crucial phase for BTC and its price trajectory, according to CryptoQuant analyst Woominkyu.
The analysts highlighted BTC’s fear and greed index, which tracks overall market sentiment. The indicator has historically helped identify if Bitcoin is in the early stages of a bull run or when excessive optimism may lead to corrections. According to the analyst, BTC has entered the “optimism stage,” generally associated with the early stages of a bullish rally. In the past, whenever BTC reached this phase, the market gained upward momentum, leading to substantial price increases. However, the analyst warned that if the index continues rising and reaches the “Euphoria Stage,” it could indicate excessive market optimism, often preceding substantial corrections. According to the analyst, while BTC is growing, it is not yet in a speculative bubble. The coming week is crucial to determine if the market will follow set patterns or if macroeconomic factors push it into a correction.
BTC registered a sharp drop on Friday as it plunged below $80,000 on its way to an intraday low of $78,173. However, it rebounded from this level to reclaim $80,000 and settle at $84,362, ultimately registering a marginal increase. Sentiment changed on Saturday as BTC registered an increase of over 2% and settled at $86,182. The price surged on Sunday following Donald Trump’s comments about the cryptocurrencies in the strategic reserve. As a result, BTC surged over 9% on Sunday, going past $90,000 and settling at $94,322. However, sentiment changed on Monday as BTC crashed nearly 9%, giving up all of Sunday’s gains and settling at $86,225.
Source: TradingView
BTC fell to an intraday low of $81,500 on Tuesday as selling pressure intensified. The price recovered from this level to register an increase of over 1% and settle at $87,316. Buyers retained control on Wednesday as BTC rose nearly 4% to reclaim $90,000 and settle at $90,639. However, it lost momentum after reaching this level and dropped almost 1% after failing to move past the 20-day SMA on Thursday and settled at $89,957. The current session sees BTC down nearly 2%, recovering from a low of $84,718 to trade at $88,354. If BTC continues its decline and slips below the 200-day SMA, it could drop to $80,000. Buyers will look to move past the 20-day SMA and reclaim $90,000. The RSI is below the neutral zone and pointing downwards after being rejected from this level, indicating a bearish sentiment. The MACD is also indicating indecisiveness among traders.
Ethereum (ETH) Price Analysis
Ethereum (ETH) has followed BTC’s price action, registering a sharp decline on Monday before retesting support levels on Tuesday as it dipped below $2,000. ETH traded in the red for all of last week, dropping below the 20-day SMA on Monday after a drop of nearly 11%. The price continued to decline for the rest of the week, hitting a low of $2,077 on Friday. ETH recovered from this level to settle at $2,238, ultimately registering a decline of over 3%. Sellers retained control on Saturday as ETH dropped nearly 1% and settled at $2.218. However, markets rallied on Sunday following Trump’s announcement about the strategic reserve. As a result, ETH rallied nearly 14% to reclaim $2,500 and settle at $2,520.
Source: TradingView
However, the rally lost momentum on Monday, and ETH plunged nearly 15% to settle at $2,149. The price fell below $2,000 on Tuesday, falling to an intraday low of $1,996 and raising concerns about a deeper correction. However, buyers stepped in at this level, and ETH recovered to register an increase of just over 1% and settle at $2,172. Buyers retained control on Wednesday as the price rose over 3% and settled at $2,241. Despite the positive sentiment, ETH fell into the red on Thursday, registering a drop of nearly 2% and settling at $2,203. The current session sees ETH marginally down as buyers and sellers struggle to establish control. If ETH continues to decline, it could slip below $2,000 and fall to $1,900, where buyers could step in. However, buyers will look to regain control and push the price towards the 20-day SMA and $2,500.
Solana (SOL) Price Analysis
Sentiment around Solana (SOL) began changing on Thursday after it got off to a bearish start to the previous week. It registered an increase of 1.86% on Thursday, rising to $137 after dipping below $140 a day prior. Buyers retained control on Friday despite selling pressure and pushed the price up nearly 8% to reclaim $140 and settle at $148. However, selling pressure returned on Saturday as SOL fell over 3% and settled at $143. SOL rallied with the rest of the market on Sunday, rising nearly 25% to surge past $150 and the 20-day SMA to $178. However, the rally lost steam on Monday, falling 21% to slip below $150 and the 20-day SMA to settle at $142.
Source: TradingView
Despite the bearish start to the week, SOL recovered on Tuesday, registering an increase of nearly 2% and settling at $144. Buyers retained control on Wednesday as SOL rose over 1% and settled at $146. Despite the positive sentiment. SOL was back in the red on Thursday, dropping just over 2% and settling at $143. The current session sees SOL marginally up as buyers and sellers struggle to establish control. Sellers will look to take control and drive SOL below $140. On the other hand, if buyers retain control, SOL could push above $150 and the 20-day SMA. The RSI is under the neutral zone, while the MACD indicates uncertainty among buyers, indicating SOL could see a downtrend.
Dogwifhat (WIF) Price Analysis
Dogwifhat (WIF) has declined substantially from the heady highs of November-December 2024, when it traded above $4. Today, the meme coin trades below $1, having lost 69% of its value over the course of the year. WIF has struggled to build momentum in recent sessions and dropped below the 20-day SMA last Monday after a fall of nearly 16%. WIF continued to decline on Tuesday but recovered on Wednesday, registering an increase of almost 5% and settling at $0.576. WIF rose over 1% on Thursday, followed by a rally of almost 8% on Friday and moved to $0.629. However, it was back in the red on Saturday, dropping nearly 3% and settling at $0.610.
Source: TradingView
WIF rallied on Sunday, buoyed by market sentiment. As a result, the price rose nearly 25% to surge past the 20-day SMA and settle at $0.762. However, it fell back on Monday, dropping almost 16% to $0.642. WIF continued to decline on Tuesday, falling nearly 11% and slipping below the 20-day SMA to $0.574. Despite the overwhelming bearish sentiment, WIF recovered on Wednesday, rising 1.44% to $0.582. The price was back in the red on Thursday, dropping nearly 2% to $0.572. The current session sees WIF down over 4% and trading at $0.548.
Ripple (XRP) Price Analysis
Ripple (XRP) has rallied after spending most of last week in the red. Bearish sentiment and selling pressure took the price to a low of $1.95 on Friday as sellers dominated the market. However, sentiment changed on Saturday as XRP rose over 2% and settled at $2.19. Markets rallied on Sunday, and XRP surged an incredible 35% as it flew past key moving averages and resistance levels to settle at $2.94 after hitting an intraday high of $3. However, the rally lost momentum on Monday, and XRP plunged nearly 19% to slip below the 20 and 50-day SMAs and settle at $2.38.
Source: TradingView
XRP fell to an intraday low of $2.22 on Tuesday as bearish sentiment intensified. However, it recovered from this level to register an increase of 2.87% and settle at $2.45. Buyers retained control on Wednesday as XRP rose nearly 2% and settled at $2.50. It crossed the 20-day SMA on Thursday after rising almost 4% and settling at $2.60. The current session sees XRP down almost 2% and trading at $2.54, having recovered from an intraday low of $2.37. If XRP continues to decline, it could drop and retest the support around $2. On the other hand, if buyers regain control, it could retest the psychologically important $3 level.
Ethena (ENA) Price Analysis
Ethena (ENA) entered the weekend on a bearish note, registering a marginal decline on Friday. Sellers retained control on Saturday as the price fell nearly 3% to $0.401. ENA rebounded on Sunday as it surged almost 19% to move past the 20-day SMA and settle at $0.475. However, the price registered a substantial decline on Monday, dropping nearly 24% to slip below the 20-day SMA and settle at $0.363. Despite the overwhelming bearish sentiment, ENA recovered on Tuesday, rising 5.58% and settling at $0.383.
Source: TradingView
ENA was back in the red on Wednesday, falling over 10% to $0.343. The price recovered on Thursday, reaching an intraday high of $0.412. However, it could not stay at this level and settled at $0.363, ultimately registering an increase of nearly 6%. The current session sees ENA up over 12% and trading around $0.40 as buyers look to push it beyond the 20-day SMA.
Axie Infinity (AXS) Price Analysis
Axie Infinity (AXS) registered a sharp decline on Friday as it fell to an intraday low of $3.32. However, it recovered from this level to register an increase of nearly 3% to settle at $3.76. The price declined on Saturday but rallied on Sunday, rising almost 7% and settling at $3.97. AXS lost momentum on Monday as markets crashed. As a result, it dropped nearly 13% and settled at $3.46. The price continued to drop on Tuesday, falling to an intraday low of $3.19. However, it recovered from this level and settled at $3.43, ultimately registering a marginal decline.
Source: TradingView
AXS registered a substantial increase on Wednesday, rising over 4% to $3.59 before declining 1.22% on Thursday and settling at $3.54. The current session sees AXS up over 2% and trading at $3.62 after recovering from an intraday low of $3.33.
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.
Source: https://cryptodaily.co.uk/2025/03/crypto-price-analysis-3-7-bitcoin-btc-ethereum-eth-solana-sol-dogwifhat-wif-ripple-xrp-ethena-ena-axie-infinity-axs