Major Crypto Updates for Today- Coins Drop with U.S. Closed for Presidents’ Day

Stablecoins and altcoins have fallen 40 to 60% in the last 1 month, with popular coins falling as much as 3% in the last 24 hours. What happened?  

Monday was no better than the weekend for the major cryptos, with most of the coins losing their feat. Solana dropped 4% today. So did XRP, and other altcoins. Bitcoin also followed suit. It is the third consecutive day stablecoin lost over 1%.  

Over the weekend, Bitcoin lost 2.65% in all. Monday, the coin lost 1.1% again. The controversial Binance also lost 0.5% on Monday. Among meme coins, Dogecoin (3%) stands as the biggest loser on Monday. Only a few altcoins like Cardano and Ether gained a meager 2% after days of recurring losses.  

More Controversies during The Weekend  

Jupiter slipped a staggering 9% on Monday. The controversy around the LIBRA coin lies at the base of controversies that prompted the fall. The Argentine president flaunted LIBRA as a project dedicated to small businesses. He was trying to gather traction for the coin in the local market.  

But LIBRA developers are now getting bashed and facing lawsuits, for false claims.  

What’s Driving the Market? 

No analysts suggest there is major hope around any coin. Meanwhile, most coins are liquidated day by day. However, experts say that controversies and uncertainties generally create movement in the market.  

Either crypto prices trot up or dropdown. At best, the odds of ETF approvals gain momentum. But this time it’s different. Despite Trump’s eccentric tariff war, debt ceiling, and rising inflation, trade volumes remain unmoved. In the meantime, the coins that were trading at their lows continued doing so.  

BTC Unchanged 

BTC’s stance also remains the same. No macro data shifts, or OI could move BTC. At the same time, it is visible that sparking market events cannot generate much momentum now. To move the defensive market, genuine policy changes would be needed.  

Even the slightest of rising open interests would have indicated funds flowing in. But there is no traction in that regard.  

Final take  

In the last 30 days, a lot of coins lost more than 40 to 60%. But Bitcoin has surprisingly clung on to the price point of $96k to 97k. It could be due to an increase in the number of institutional investors putting their money on Bitcoin, instead of retail investors. Bitcoin needs at least 2 more sharks like MicroStrategy, who bought 7660 tokens recently.