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Economy
Bitcoin fell 3.13% to $77,922.49 on Saturday, leading a broad crypto market downturn amid profit-taking and macroeconomic pressures.
A sweeping selloff hit cryptocurrency markets on Saturday, erasing gains from a brief rally and pushing Bitcoin below the $80,000 threshold to trade under $78,000. The decline has raised concerns that deeper losses could follow if macroeconomic support continues to weaken.
Bitcoin dropped 3.13% during the day’s trading to $77,922.49, extending losses after a short-lived upward move, according to data from CoinMarketCap. Ethereum plunged sharply to $2,170, BNB fell to around $655, and XRP lost its recent momentum to settle near $1.40.
The total market capitalization of cryptocurrencies is undergoing strong corrective movements, with major indicators tilting into “red zone” territory. Traders are on edge as shifting global economic factors and fast-moving regulatory developments in the United States weigh on sentiment.
Financial market analysts attribute the sharp downturn to a combination of factors, primarily institutional profit-taking alongside macroeconomic headwinds that have triggered the liquidation of leveraged long positions.
Data published by Bloomberg showed the U.S. Producer Price Index (PPI) came in higher than expected, reigniting inflation fears and driving institutional capital away from high-risk assets toward more stable investment vehicles. A temporary deadlock over financial agency appointments in Washington has added regulatory uncertainty and put additional pressure on spot trading.
The legislative landscape in the United States is evolving rapidly. The Senate Banking Committee advanced the “Clarity” bill, which aims to restructure the digital asset market. Observers see the move as a sign that the sector is nearing formal integration into the U.S. financial regulatory framework.
Committee members approved the bill by a vote of 15 to 9, a tally that reflected limited Democratic support amid ongoing political debate over how to regulate the cryptocurrency market.
Trading experts warn that Bitcoin’s break below the $78,000 support level could open the door to a broader decline toward the $72,000 to $74,000 range.
However, some analysts suggest the current drop may be a temporary “price trap.” If Bitcoin quickly recovers above $80,000, bullish momentum could return and push prices back toward previous record highs.
