Crypto Market Sees Losses as Bitcoin Stays Below $100K

The cryptocurrency market experienced widespread losses in early Sunday trading, with Bitcoin down 0.45% over the past 24 hours. Ethereum, XRP, Solana, Dogecoin, and Cardano saw declines between 1% and 4%, while Algorand, Bittensor, Pyth, and Dogwifhat fell 4% to 6%. Total crypto liquidations exceeded $89 million, according to CoinGlass.

Strategy co-founder Michael Saylor emphasized Bitcoin's long-term value, tweeting, “When you buy Bitcoin, you strengthen the network. When you sell Bitcoin, you weaken it.” Bitcoin remains flat, trading at $97,117, up 0.13% for the week, but still below the $100,000 mark since early February.

Bitcoin has been confined below its 50-day simple moving average (SMA) of $98,758. Last week’s higher-than-expected U.S. inflation data spurred risk-asset selloffs, pushing Bitcoin to $94,090. Federal Reserve Chair Jerome Powell reiterated a commitment to reducing inflation, signaling no rush to cut interest rates.

Bitcoin ETFs saw $650.8 million in outflows from Monday to Thursday, though Friday brought $70.6 million in inflows, insufficient to balance earlier losses. Meanwhile, Strategy resumed Bitcoin purchases, investing $742.4 million between Feb. 3 and Feb. 9.

The crypto market remains volatile amid economic uncertainty, with investors closely monitoring inflation trends and central bank policies. Bitcoin's struggle to surpass $100,000 highlights market hesitancy, while significant ETF outflows reflect cautious investor sentiment. Saylor's message underscores the importance of holding Bitcoin through market fluctuations. As macroeconomic factors continue to influence digital assets, traders await the next major price move in the crypto market.