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Crypto Market Update: Bitcoin, Ether Decline as Volatility Hits Altcoins

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The cryptocurrency market saw a downturn on Monday, February 24, as Bitcoin and most altcoins registered losses across both national and international exchanges. Bitcoin’s value dipped by 1.20 percent over the past 24 hours on global platforms, bringing its price to $95,630 (roughly Rs. 82.8 lakh). Meanwhile, on Indian exchanges like CoinDCX and CoinSwitch, Bitcoin experienced a smaller decline of under one percent, hovering around $96,984 (roughly Rs. 84 lakh).

Over the weekend, Bitcoin briefly approached the $100,000 (roughly Rs. 86.6 lakh) mark before experiencing a correction, dropping below $95,000 (roughly Rs. 82.3 lakh). The decline was partly triggered by a massive $1.4 billion (roughly Rs. 12,131 crore) crypto hack on Friday, which led to significant withdrawals from investors. This incident affected the broader crypto market, causing notable losses in altcoins like Ethereum (ETH), XRP, and Solana. Analysts believe Bitcoin could experience further volatility if it falls below the crucial $94,000 (roughly Rs. 81.4 lakh) support level in the coming days.

Ethereum (ETH), the second-largest cryptocurrency, also faced a decline, dropping by one percent in the last 24 hours. On global exchanges, Ether is currently trading at $2,732 (roughly Rs. 2.33 lakh), while its price on Indian exchanges stands at around $2,757 (roughly Rs. 2.38 lakh). This downtrend in ETH, coupled with Bitcoin’s losses, suggests a cautious market sentiment as traders react to recent security concerns and market corrections.

With increased market volatility and external factors influencing investor behavior, experts advise caution in the short term. While Bitcoin’s ability to hold above key support levels will determine its next movement, the broader market remains under pressure. The upcoming days will be crucial in assessing whether a recovery is imminent or if further corrections are expected across major cryptocurrencies.

El Salvador Increases Bitcoin Holdings Amid IMF Deal, Assures Compliance

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On Wednesday, El Salvador revealed that it had purchased an additional bitcoin, bringing the country’s total strategic bitcoin reserve to over 6,102 coins. The announcement follows closely on the heels of a recent agreement between the International Monetary Fund (IMF) and El Salvador, in which the IMF approved a 40-month program worth $1.4 billion. This agreement signaled a shift in the role of bitcoin in the country, downgrading its status from the legal tender it was granted in 2021.

Under the new arrangement, bitcoin can no longer be used for paying taxes, and its adoption by the public is now voluntary rather than mandatory, contrary to initial expectations. The Salvadoran government has committed to the IMF not to further accumulate bitcoin at the national public sector level. A spokesperson from the IMF stated that they had consulted with the Salvadoran authorities, who assured that the recent increase in bitcoin holdings was consistent with the agreed-upon terms of the IMF program.

While the IMF did not elaborate on how purchases made by the National Bitcoin Office do not add to the government’s exposure to the cryptocurrency, the announcement was seen as an attempt to balance the country’s growing bitcoin reserve with its international financial commitments.

Meanwhile, Salvadoran government dollar bonds saw a slight decline in price, particularly the 2050 and 2041 maturities, which dropped by 0.75 cents on the dollar. The Salvadoran government currently holds around $550 million in bitcoin, having acquired 12 more bitcoins since the IMF’s approval of the agreement last week.

Robinhood Beats Profit Estimates as Post-Election Trading Surge Lifts Volumes

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Robinhood (HOOD.O) exceeded expectations for fourth-quarter profit, driven by a sharp rise in equity, options, and cryptocurrency trading after Donald Trump returned to the White House. Following the announcement, Robinhood’s shares jumped more than 14% in after-hours trading.

The company’s transaction-based revenue soared 236% to $672 million compared to the same quarter a year ago, fueled by increased fees from options, equities, and crypto trades.

Crypto trading activity was a major growth driver, with revenue from that segment rising 700% during the quarter as bitcoin approached the $100,000 mark. Investors were optimistic about pro-crypto policies expected under the new Trump administration.

“It was no secret that Robinhood’s Q4 earnings were going to be great, driven primarily by a huge uptick in crypto-related revenues,” said John Wu, President of Ava Labs.

The surge in equity and crypto markets came after Trump’s election victory, as investors anticipated deregulation and pro-business policies that would favor U.S. corporations and the growing digital asset sector.

Robinhood reported an adjusted profit of $1.01 per share, well above analysts’ expectations of 44 cents, according to data from LSEG.

The company’s assets under custody increased by 88% to $193 billion during the quarter, and quarterly net interest revenue, driven largely by margin investing, rose 25% to $296 million.

“This was a big quarter for us, so we did over $1 billion in revenue for the first time in the history of the company, and that capped off what was a record-breaking year with over $3 billion in revenue for the whole year,” Robinhood co-founder and CEO Vlad Tenev said on the company’s post-earnings call.