The cryptocurrency market experienced a downturn on Thursday, with the global market capitalization falling 1.4% to $3.15 trillion, amid significant developments in institutional adoption and mixed traditional market performance.
| Cryptocurrency | Gains +/- | Price (Recorded at 8.37 p.m. ET) |
| Bitcoin BTC/USD | +0.6% | $97,311.65 |
| Ethereum ETH/USD | -3.42% | $2,698.76 |
| Dogecoin DOGE/USD | -3.18% | $0.2504 |
What Happened: Bitcoin retreated below the $97,000 mark, touching a low of $95,707.35, even as Utah’s House of Representatives passed legislation permitting Bitcoin investments in the state.
The bill, which now awaits Senate review, represents a notable advancement in state-level cryptocurrency regulation, according to Binance.
The market decline triggered substantial liquidations, with 117,835 traders facing positions worth $234.29 million being cleared in the past 24 hours, according to CoinGlass.
On Thursday, Trump Media & Technology Group Corp DJT revealed it has applied for trademarks for six investment products targeting Bitcoin, U.S. manufacturing, and energy sectors. Among the trademarks are Truth.Fi Bitcoin Plus ETF, Truth.Fi Made in America ETF, and Truth.Fi U.S. Energy Independence ETF. President Donald Trump holds the majority ownership of TMTG, which owns the Truth Social platform.
Top Gainers (24-Hours)
| Cryptocurrency | Gains +/- | Price (Recorded at 8.15 p.m. ET) |
| Berachain (BERA) | +714% | $8.14 |
| TRON (TRX) | +4.36% | $0.2321 |
| Bitget Token (BGB) | +2.10% | $6.68 |
Traditional markets showed resilience despite crypto’s pullback. The Dow Jones Industrial Average climbed 125.65 points or 0.28% to 44,747.63, while the S&P 500 advanced 0.36% to 6,083.57. The Nasdaq Composite gained 0.51%, reaching 19,791.99. However, Dow futures indicated potential weakness, dropping 125.65 points during Thursday’s session.
Wall Street is bracing for Friday’s January jobs report, with a noticeable gap forming between economist projections and speculative market bets.
In a note on Thursday, Goldman Sachs economist Ronnie Walker forecast a 190,000 increase in nonfarm payrolls for January, slightly surpassing the consensus estimate of 170,000, but still well below the figures speculated by the market.
Market sentiment remains cautious, with the Crypto Fear and Greed Index reading 44, indicating a “Fear” position among investors.
Analyst Notes: Despite the current market conditions, some analysts maintain bullish outlooks. Cryptocurrency analyst Ali Martinez suggested on X that Ethereum could target significant price levels, potentially reaching $7,400, $10,000, or even $14,000 if it breaks above $4,000.
Adding to the optimistic view, analyst Michaël van de Poppe noted potential positive signals for ETH’s performance against Bitcoin in the coming week. “We’ll have a bullish divergence that could become valid,” he wrote.
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