Crypto Market Update Today: Reasons Behind the Market Dip

Table Of Contents

Why Is Crypto Going Down Today? XRP, Bitcoin, Pi, and Libra Coin Updates
LIBRA Coin Controversy: Argentina’s President Milei Sparks Market Chaos
US States Exploring Bitcoin Reserves: What It Means for Crypto
Tapswap Token ($TAPS) Launch: What to Expect
Pi Coin Price Surge Raises Binance Listing Speculation
XRP News: Could the SEC Drop Its Appeal?
Why Is the Crypto Market Down?
When Will Crypto Recover?

Why Is Crypto Going Down Today? XRP, Bitcoin, Pi, and Libra Coin Updates

Global Crypto Market Cap Sees a Slight Decline

The cryptocurrency market is experiencing a minor setback, with the total market capitalization standing at $3.2 trillion, reflecting a 0.79% drop in the last 24 hours. Despite the downturn, trading volume has surged by 22.23% to $70.66 billion, signaling heightened investor activity.

DeFi Volume: $5.57 billion
Stablecoin Transactions: $64.26 billion (90.94% of total market trade)

LIBRA Coin Controversy: Argentina’s President Milei Sparks Market Chaos

A major shake-up occurred after Argentina’s President Milei endorsed LIBRA Coin on X (formerly Twitter), citing it as a catalyst for economic growth. Following his post, the token saw a dramatic price surge before plummeting 90% after Milei deleted the tweet. The sudden volatility has led to an official government investigation.

Key Takeaways:

LIBRA Coin experienced extreme price swings due to political influence.
The administration claims the president was merely supporting entrepreneurial ventures.
An inquiry is underway to determine if officials engaged in insider trading.

US States Exploring Bitcoin Reserves: What It Means for Crypto

Several US states are considering adding Bitcoin to their financial reserves. According to VanEck, states could accumulate approximately 247,000 BTC ($23.7 billion) if proposed legislation moves forward.

Why States Are Looking at Bitcoin:

Inflation Hedge: BTC is often compared to digital gold for its ability to store value.
Diversification: Cryptocurrency operates independently of traditional financial markets.
Growth Potential: Some analysts predict Bitcoin could reach $185,000 by 2025.

Tapswap Token ($TAPS) Launch: What to Expect

The highly anticipated Tapswap token ($TAPS) will debut on MEXC and Bitget on February 17, 2025, at 12:00 UTC. With a total supply of 1 billion tokens, many are speculating whether this listing will lead to a price surge or correction.

Price Predictions:

Analysts compare $TAPS to Catizen ($CATI), which launched at $0.30–$0.40.
Early airdrop participants may trigger initial sell-offs, affecting short-term price action.

Pi Coin Price Surge Raises Binance Listing Speculation

Pi Coin ($PI) has seen a 100% price increase following confirmed listings on OKX and Gate.io, igniting rumors of a possible Binance listing.

Pi Network Developments:

Just to know OKX will list $PI on February 20, allowing trading against USDT.
Gate.io confirmed its listing, adding further legitimacy.
Despite the hype, Pi Network is still awaiting full mainnet activation, making $PI largely untradable.

Will Binance List Pi Coin?

No official confirmation from Binance yet.
The growing market speculation could influence a future listing, but investors should proceed with caution.

XRP News: Could the SEC Drop Its Appeal?

All eyes are on the SEC’s closed-door meeting on February 20, which may provide clarity on the ongoing Ripple vs. SEC lawsuit. Investors are hopeful that the commission might withdraw its appeal, finally bringing legal certainty to XRP.

Key Developments:

Commissioner Hester Peirce is now leading the SEC’s Crypto Task Force.
Paul Atkins is expected⁴ to take over as SEC Chair, possibly leading to softer crypto regulations.
No major filings are expected until April, but an early resolution remains possible.

Why Is the Crypto Market Down?

Despite increased trading volume, the market is facing downward pressure due to various macroeconomic and regulatory factors.

Possible Reasons Behind the Dip:

Concerns over global economic conditions, leading to cautious investor sentiment.
Profit-taking after recent price rallies.
Regulatory uncertainty³ in key markets like the U.S. and Argentina.

When Will Crypto Recover?

Market recovery will depend on several key factors:

Bitcoin Price Movement: BTC needs to break key resistance levels for altcoins to follow.
Regulatory Clarity: Positive developments regarding XRP, Binance, and ETF approvals could trigger a rally.
Upcoming Listings: The launch of Tapswap and the growing interest in Pi Coin could shift market sentiment.

The crypto space remains highly volatile, with political⁹ influences, major token listings, and regulatory decisions shaping market movements. Whether you’re a long-term investor or an active trader, staying informed is the key to navigating these fluctuations.