Global crypto markets turned red on Wednesday following a brief rally, with Cardano’s ADA leading losses among major tokens and Bitcoin (BTC) retreating below $84,000 due to investor profit-taking.
🚨 Key Highlights:
- Cardano (ADA) dipped 5%, leading major altcoins in losses.
- Bitcoin (BTC) slipped by over 3% to nearly $83,500, down from a Tuesday peak of $84,200.
- XRP shows bearish signals despite a positive ETF update from ProShares.
- Large Bitcoin holders reduced selling, but accumulation is still weak.
- Hong Kong stocks slump by 2.9% despite China’s 5.4% Q1 growth.
- Traders grow cautious amid recession fears and geopolitical uncertainty.
📉 Crypto Market Reacts to Macroeconomic Tensions
The broader crypto market saw a 3.3% drop in total capitalization over the past 24 hours as Asian trading hours kicked off with profit-booking. Major assets like Ethereum (ETH) and Cardano (ADA) posted sharper declines, amplifying bearish sentiment.
XRP, while seemingly steady, continues its gradual downward trend despite ProShares amending its spot XRP ETF filing — with a target launch date of April 30 in the U.S.
🧠 On-Chain Metrics Show Cooling Whale Activity
According to CryptoQuant, large investors have slowed down BTC sell-offs, reducing daily selling volumes from 800K BTC in February to around 300K BTC. However, accumulation rates are still sluggish, marking a monthly slowdown from 2.7% to 0.5%, the lowest since February 20.
📊 China & U.S. Economics Add Volatility
Despite reporting a 5.4% GDP growth in Q1, Chinese equities plunged by nearly 3% after markets opened Wednesday. The ongoing trade tensions and uncertainty around U.S. tariff policies continue to spook global investors — especially in high-risk assets like crypto.
“There can be no doubt that fears of a U.S. recession are intensifying… It feels like Bitcoin’s appeal as a decentralized asset is growing amidst rising market instability,” — James Toledano, COO, Unity Wallet.
📌 What to Watch Next
- Support for Bitcoin is forming around $82,500, the 50-week MA.
- Major resistance looms between $88,000 and $90,000.
- Continued weakness in whale accumulation could hinder BTC upside.
- XRP ETF approval may offer temporary relief but needs market confidence.
🔍 Final Thoughts
While Bitcoin’s fundamentals remain strong and macro pressures might favor decentralized assets, traders should brace for volatility. Cardano’s price drop, XRP uncertainty, and profit-taking trends suggest that short-term caution is still warranted — even as long-term conviction builds.
