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Crypto market update: Bitcoin stalls at $107,000, Ethereum corrects

During the night, Bitcoin price briefly hit $106,850, the highest level since mid-January.

By Mike Hesp
• 2 min read
Crypto market update: Bitcoin stalls at $107,000, Ethereum corrects

In the night the Bitcoin price briefly hit $106,850, the highest level since mid-January. But the largest crypto didn’t hold onto that gain: at the time of writing BTC trades around $103,100. Despite this pullback, Bitcoin remains fairly steady on a daily basis.

That’s not the case for Ethereum. The market’s number two has fallen 4.8 percent in the same period and is trading around $2,380. A notable correction, especially given Ethereum’s strong recovery recently.

There isn’t an obvious single cause for the broader pullback in the crypto market. The drop suggests market sentiment after cooling of trade tensions under former President Trump may have been too optimistic.

The mood in traditional stock markets is negative premarket as well. The leading U.S. S&P 500 falls 1 percent to 5,915 points. The NASDAQ 100 tech index, which includes MicroStrategy of Michael Saylor, loses 1.25 percent and is currently at 21,240 points.

Despite these declines, sentiment among crypto investors remains surprisingly positive. The Fear & Greed Index still shows a score of 74, signaling a "greedy" market. But that can also be read as a warning of further correction risk.

Not only Ethereum is under pressure. Other top-10 coins are taking hits too. Cardano (ADA) falls 4.5 percent to $0.72, Solana (SOL) drops 4.2 percent to $163, XRP (Ripple) declines 1.8 percent to $2.34.

There is a glimmer of hope on the horizon: after the U.S. market opens at 3:30 PM, Bitcoin and Ethereum could find support again. Over the past trading week, $608 million flowed into Bitcoin spot ETFs and $42 million into Ethereum spot ETFs, signaling that institutional interest remains strong.

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