Bitcoin, Ethereum, XRP, Dogecoin Grind Lower As MicroStrategy Announces Rebranding

Author: Khyathi Dalal | February 05, 2025 04:15pm

Cryptocurrency markets are trading lower on Wednesday as MicroStrategy (NASDAQ:MSTR) announced a change of name to Strategy.

Cryptocurrency	Price	Gains +/-
Bitcoin (CRYPTO: BTC)	$97,374.66	-1.8%
Ethereum (CRYPTO: ETH)	$2,776.99	+0.06%
Solana (CRYPTO: SOL)	$199.65	-4.5%
XRP (CRYPTO: XRP)	$2.44	-6.8%
Dogecoin (CRYPTO: DOGE)	$0.2593	-2.7%
Shiba Inu (CRYPTO: SHIB)	$0.00001598	-0.5%

Notable Statistics:

• IntoTheBlock data shows large transaction volume decreasing by 14.87% and daily active addresses falling by 8.5%. Transactions greater than $100,000 are down from 14,810 to 11,229 in a single day. Exchanges netflows are up by 29,715.2%.
• Coinglass data reports 112,529 traders were liquidated in the past 24 hours for $286.19 million.

Notable Developments:

• Is The SEC ‘Making Peace’ With Crypto? The Key Personnel Shifts Hinting At Why This May Be The Case
• Peter Thiel-Backed Crypto Exchange Reportedly Plans IPO In 2025 Amid Bitcoin And Digital Currency Boom
• BlackRock To Launch Bitcoin Investment Product In Europe
• EXCLUSIVE: ‘Crypto Czar’ Charm Offensive Welcomed, But Experts Wonder: Will US Policy Deliver?
• Michael Saylor Hints At ‘₿ig Strategy Day’ As Chances Of Bitcoin Reserve Odds On Kalshi Fall

Top Losers:

Cryptocurrency	Price	Gains +/-
Jito (CRYPTO: JTO)	$2.67	-16.6%
Raydium (CRYPTO: RAY)	$5.50	-13.3%
Virtuals Protocol (CRYPTO: VIRTUAL)	$1.36	-13%

Trader Notes: With Bitcoin prices dropping, crypto trader Altcoin Sherpa noted that Bitcoin is reversing its way back to recent lows.

If those levels hold, it’s a bullish signal, making the next dip a good buying opportunity.

The pattern is recurring sharp drop, V-shaped recovery, then a slow grind back down.

Looks like we're well on our way for us tapping the lows again for $BTC (or getting close to it).

If we hold these lows (or around there), it's bullish. You'll want to buy the next dip down imo.

you'll notice the exact same pattern for all of these though: strong move down, V… https://t.co/PffdxVylDY pic.twitter.com/EbiaNIy6p0

— Altcoin Sherpa (@AltcoinSherpa) February 5, 2025

Trader Ansem believes Bitcoin still has a target of $1 million. Jelle compared the pullback to similar ones in the past that resulted in eventual uptrends.

Another pullback, same story.

Send it higher.#Bitcoin pic.twitter.com/dyyYQjxoBV

— Jelle (@CryptoJelleNL) February 5, 2025

Industry expert Quinten Francois sees the current market sentiment similar to that at $30,000. He believes a correction to $80,000 is possible.         

Read Next: 

• Bitcoin Struggling But ‘Perfect Storm’ Will Take It To $500,000, Ethereum To $20,000, Trader Predicts

Image: Shutterstock

Posted In: $BTC $DOGE $ETH $JTO $RAY $SHIB $SOL $XRP MSTR