Crypto Markets Grapple with Bearish Sentiment, Price Plunges, and Institutional Sell-Offs
Crypto Markets Grapple with Bearish Sentiment, Price Plunges, and Institutional Sell-Offs
The cryptocurrency market is experiencing a significant downturn, with major assets like Bitcoin (BTC) and Ethereum (ETH) seeing substantial price drops and institutional sell-offs. Galaxy Digital dramatically lowered its Bitcoin price target for 2025, and BTC briefly fell below $100K. Ethereum also saw a major sell-off attempt by BlackRock. Meme coin Shiba Inu (SHIB) is reported to be in critical condition, while Ripple (XRP) stands out by announcing another major acquisition.
Crypto Market Plunges Amid Bearish Outlook
The cryptocurrency market is grappling with widespread bearish sentiment. Alex Thorn, head of research at Galaxy Digital, has notably reduced his Bitcoin (BTC) price target for 2025, signaling a pessimistic outlook from institutional analysts. This comes as Bitcoin itself plunged below the $100K mark, a level not seen since June.
Ethereum (ETH) is also under pressure, with BlackRock reportedly moving $115 million in ETH in a major sell-off attempt, prompting questions about institutional investor confidence. Adding to the negative market mood, Shiba Inu (SHIB) has fallen to its lowest level since January and is described as being in 'critical condition.'
In contrast to the prevailing negative trends, Ripple (XRP) continues its expansion strategy, announcing another significant acquisition, indicating some underlying activity and growth in specific areas of the market despite the broader downturn.