Solana and XRP Lead Crypto Losses on Presidents' Day – Crypto Market Update

The crypto market faced a slump on Monday, with Solana (SOL) and XRP leading the losses, both falling 4%. As U.S. financial markets were closed for Presidents' Day, traders seemed to seize the opportunity to lock in profits and step back from the market. Bitcoin (BTC) also saw a dip, down 1.1%, and BNB dropped by 0.5%. However, Cardano (ADA) and Ethereum (ETH) bucked the trend, both rising by 2%. This divergence shows that while some tokens struggle, others continue to find their footing in a volatile market.

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Jupiter’s JUP Faces Tough Times

Among the midcap tokens, Jupiter’s JUP took a significant hit, plunging 9%. The drop is tied to its association with the LIBRA coin, a project that quickly lost momentum after being promoted by Argentina’s President Javier Milei. What was initially seen as a potential boost for small businesses turned into a disaster as LIBRA’s value plummeted, leading to legal concerns. As a result, JUP investors are left reeling, adding to the broader market uncertainty.

Why the Market Is Watching the Bigger Picture
With no major crypto news driving the market, macro factors—such as inflation, trade policies, and U.S. economic debates—seem to be the main drivers behind the market's movement. Analysts from QCP Capital noted that Bitcoin continues to be closely tied to traditional financial markets. This means global economic conditions are playing a bigger role in influencing crypto prices than usual. Despite concerns over tariffs and the U.S. debt ceiling, market volatilityremains low, suggesting that investors aren’t anticipating major shifts in the immediate future.

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Bitcoin Shows Resilience Amid Institutional Interest

While many altcoins are struggling, Bitcoin has shown remarkable resilience, staying strong around $96,000 to $97,000. Analysts believe this stability is due to growing institutional interest in Bitcoin as an asset. According to Jeff Mei, COO of BTSE, Bitcoin’s appeal among institutional investors is a key factor in its ongoing strength. “Bitcoin’s holder base is shifting toward institutional investors, and this trend will likely continue,” Mei explained. This shift is keeping Bitcoin afloat, even as smaller altcoins struggle.

At the same time, some traders are betting that Bitcoin could rise even further. The $110,000 call option on Deribit has become a popular choice among traders, indicating that they believe Bitcoin could be on the verge of a rally.

Crypto Traders Await Clarity

For now, the crypto market is in a waiting game. Investors are keeping a close eye on regulatory changes and economic shifts that could spark the next major move. With no significant news on the horizon, many are holding back, waiting for clearer signals. While Bitcoin’s stability offers some hope for the future, the ongoing volatility of altcoins is a reminder of just how unpredictable the crypto world can be. As always, the next big move could come at any time, and crypto enthusiasts will be ready to react.

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