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Bitcoin and XRP remained under heavy pressure as the cryptocurrency market continued to decline following rising inflation data and reduced expectations for Federal Reserve interest rate cuts in 2026. The broader crypto market lost nearly $90 billion in value, pushing total market capitalization close to the critical $2.6 trillion support level.
Bitcoin price dropped below $79,000 during the latest market sell-off, briefly falling to $77,678 before recovering slightly. Ethereum also slipped under $2,200, while XRP traded near $1.40 after failing to hold recent gains. The bearish sentiment intensified as institutional investors continued pulling funds from spot Bitcoin ETFs in the United States. Reports showed roughly $290 million in ETF outflows, including nearly $136 million from BlackRock’s IBIT fund.
Investor attention also shifted toward geopolitical developments after Iran officially launched “Hormuz Safe,” a Bitcoin-based maritime insurance platform tied to the Strait of Hormuz shipping route. According to reports, ships traveling through the strategic waterway can pay insurance premiums entirely in Bitcoin. Iranian authorities are expected to oversee the insurance infrastructure connected to the initiative.
The Strait of Hormuz handles close to 20% of global oil shipments annually, and analysts believe the platform could eventually generate more than $10 billion in yearly revenue for Iran. The development highlights growing connections between cryptocurrency adoption, global trade, and geopolitical finance.
From a technical perspective, Bitcoin remains under pressure after failing to reclaim the key $81,000 resistance level. Analysts are closely watching support near $77,500, with additional downside risk toward $76,000 if selling pressure continues. Meanwhile, XRP support remains near $1.40, while resistance levels stand at $1.45 and $1.50. A breakout above those levels could improve bullish momentum across the XRP market.
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