The crypto market is experiencing a sharp pullback today, with the total global market capitalization falling by 4.4% to $3.4 trillion. Trading volume remains high at $119 billion, but red dominates across all major cryptocurrencies. After briefly touching $104,156, Bitcoin slid by 1.4%, now trading at $102,067, while Ethereum dropped 3%, landing near $2,545.
Among the top 10 cryptocurrencies, Solana (SOL) and Cardano (ADA) posted the largest daily losses—each down 5.1%, trading at $171.75 and $0.7745, respectively. Only Monero (XMR) among the top 100 posted a gain, rising 1% to $343.6. In contrast, Ethena (ENA) and Jupiter (JUP) led the day’s losers with double-digit declines, falling 12.2% and 11.3%, respectively.
Several factors are contributing to the current downturn. One is the overbought conditions, as reflected in the Crypto Fear & Greed Index, which ticked up to 71, signaling extended caution. Another is profit-taking behavior, especially after weeks of upside momentum that pushed Bitcoin above $100K.
Confusion around Russia-Ukraine peace talks is also impacting investor confidence. Reports indicate uncertainty about attendance and timing, reducing risk appetite. On the macro front, markets are closely watching U.S. inflation data and Fed interest rate signals, which are expected to influence Bitcoin’s short-term trajectory.
Despite the pullback, institutional sentiment remains strong. Spot Bitcoin ETFs saw a $320 million inflow yesterday, reversing prior outflows. BlackRock alone accounted for $232.9 million of that figure. These inflows suggest that long-term confidence is intact even as prices cool in the short term.
Experts remain bullish on Bitcoin’s broader trend. Dom Harz, co-founder of Layer-2 BOB, stated, “Bitcoin’s trajectory is undeniably upward.” He emphasized its growing institutional utility, adding that Bitcoin has now surpassed Google and silver in asset rankings and is “the sixth most valuable tradable asset in the world.”
Furthermore, Bitcoin DeFi total value locked (TVL) has doubled to over $6.2 billion, driven by the rise of BTCFi protocols and institutional tools enabling secure, yield-generating DeFi strategies.
As for near-term technicals, Bitcoin must reclaim $103,000 to maintain upward momentum. A break below $101,900 could bring retests of the $100,000 psychological level. While short-term indicators suggest caution, the long-term trend remains structurally bullish—particularly if macro data and ETF momentum align in favor of crypto.
