Crypto has pulled back, but appears stronger than stocks
Market overview
The crypto market’s capitalisation fell by 3.4% over the past 24 hours to $2.36 trillion, remaining close to the uptrend line. The downward momentum was once again driven by stock indices, which returned to their lows at the start of the week. However, whilst the Nasdaq 100 has shown a steady downward trend on weekly charts since late January, cryptocurrencies have been forming a sequence of higher local lows since early February, when the market touched the 200-week moving average – a key long-term trend line.
Bitcoin has fallen below $69K, testing the strength of the 50-day MA and the support of the upward trend of the last two months. The nervous mood in the financial markets makes cryptocurrencies, and Bitcoin in particular, vulnerable in the event of a large-scale sell-off. For BTC, the 200-week MA has historically been the most important long-term support level. It currently sits near $60K. However, it is worth remembering that in 2022–2023, the price fell more than 30% below this line before finding structural support for many weeks.
News background
Bitcoin miner MARA has sold 15,133 BTC for $1.1 billion since the start of the month. The company intends to use the proceeds to buy back its own bonds. The miner’s remaining reserves are estimated at 38,689 BTC.
The cost of Bitcoin mining for public companies has reached $80K and, for some miners, exceeded $100K, according to CoinShares. The fourth quarter of 2025 has been the most challenging for Bitcoin miners since the last halving. The US (38%), Russia (17%), and China (12%) continue to dominate global Bitcoin mining, collectively accounting for around 68% of the world’s hash rate.
Adam Livingston, an analyst and author of the book ‘The Great Harvest: AI, Labor, and the Bitcoin Lifeline’, believes the risk of a Bitcoin crash, as seen in 2022, is minimal due to the market’s more mature structure. According to his calculations, BTC volatility has been steadily declining over the past 11 years.
US investment firm Franklin Templeton, in partnership with Ondo Finance, will launch tokenised versions of its ETFs, accessible directly via crypto wallets.
Author
Alexander Kuptsikevich, a senior market analyst at FxPro, has been with the company since its foundation. From time to time, he gives commentaries on radio and television. He publishes in major economic and socio-political media.
