Market overview
The market capitalization of the cryptocurrency market fell by 3.4% in the past 24 hours to $2.36 trillion, and remained close to the upward trend line. The downward momentum was once again driven by stock indices, which returned to their lows at the start of the week. However, while the Nasdaq 100 has shown a consistent downtrend on the weekly charts since late January, cryptocurrencies have formed a series of higher local lows since early February, when the market touched the 200-week moving average – a major long-term trend line.
Bitcoin fell below $69,000, testing the strength of the 50-day moving average and supporting the upward trend of the past two months. The nervous mood in financial markets makes cryptocurrencies, and Bitcoin in particular, vulnerable in the event of a widespread sell-off. For BTC, the 200-week moving average has historically been the most important long-term support level. It currently sits near $60,000. However, it is worth noting that in 2022-2023, the price fell more than 30% below this line before finding structural support for several weeks.
News background
Bitcoin mining company MARA has sold 15,133 BTC for $1.1 billion since the beginning 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 Bitcoin.
The cost of Bitcoin mining for public companies has reached $80,000, and for some miners, it has exceeded $100,000, according to CoinShares. The fourth quarter of 2025 was the most challenging for Bitcoin miners since the last halving. The United States (38%), Russia (17%), and China (12%) continue to dominate global Bitcoin mining, collectively accounting for about 68% of the world’s hash rate.
Adam Livingstone, analyst and author of The Great Harvest: Artificial Intelligence, Business, and the Lifeblood of Bitcoin, believes that the risk of a Bitcoin collapse, as seen in 2022, is minimal due to the more mature market structure. According to his calculations, Bitcoin’s volatility has been steadily declining over the past 11 years.
American investment company Franklin Templeton, in partnership with Ondo Finance, will launch tokenized versions of its ETFs, which can be accessed directly via cryptocurrency wallets.
