Crypto Price Analysis 3-28: BITCOIN: BTC, ETHEREUM: ETH, SOLANA: SOL, RIPPLE: XRP, DOGECOIN: DOGE, BITTENSOR: TAO, JUPITER: JUP

The crypto market is back in bearish territory after major cryptocurrencies registered a notable decline over the past 24 hours. As a result, the crypto market cap is down 1.20% and currently sits at $2.83 trillion. Bitcoin (BTC) slipped back into the red after failing to cross the $88,000 resistance, losing momentum after reaching an intraday high of $87,676 and dropping to its current level of $86,000. 

BTC is down almost 2% over the past 24 hours. Ethereum (ETH) registered substantially more losses as it plunged over 5%, slipping below the crucial $2,000 level to $1,925. Ripple (XRP) is also trading in the red, with the price down over 4%. Meanwhile, Solana (SOL) dipped below $140 after a drop of almost 4% and is currently trading at $134. 

Other altcoins fared no better. Dogecoin (DOGE) was down almost 7%, while Cardano (ADA) shed over 3% and settled around $0.713. Chainlink (LINK) is down nearly 6%, while Stellar (XLM) is down 4.50% and trading at $0.279. Hedera (HBAR), Polkadot (DOT), and Litecoin (LTC) also registered substantial declines. However, Toncoin (TON) bucked the bearish trend and is up over 5%. 

Incoming SEC Chair Promises New Crypto Stance 

Incoming Securities and Exchange Commission (SEC) Chair Paul Atkins has promised a different stance on crypto than the one adopted by the regulator during the past four years. However, Atkins was not pressed with big-picture digital asset questions at the confirmation hearing. Atkins addressed the Senate Banking Committee on March 27, stating that lack of regulatory clarity in crypto hindered growth and created uncertainty. Atkins has received considerable support from the crypto industry for his pro-innovation stance and calls for a clear regulatory framework. Atkins stated at the hearing, 

“Since 2017, as I have led industry efforts to develop best practices for the digital asset industry, I have seen how ambiguous and non-existent regulations for digital assets create uncertainty in the market and inhibit innovation. A top priority of my chairmanship will be to work with my fellow commissioners and Congress to provide a firm regulatory foundation for digital assets through a rational, coherent, and principled approach.”

Atkins also tied his crypto outlook to a broader economic agenda and cited renewed investor confidence under the current administration, stating, 

“I look forward to working to ensure that the United States is well-positioned to seize on the new excitement for investment and economic opportunity that President Trump’s leadership and pro-growth policies have inspired.”

He also stated that the SEC must balance regulatory rigor with flexibility to foster innovation, criticizing the current regulatory climate as “complex and politicized,” adding that it impeded capital formation and confused investors. The incoming SEC Chair closed his speech by urging a return to the SEC’s foundational responsibilities and reaffirming his commitment to investor protection. He also pledged to make the US the most attractive destination for entrepreneurs and savers. 

“It is time for the SEC to return to its core mission that Congress set out for it: investor protection; fair, orderly, and efficient markets; and capital formation. I am eager to get to work for American markets and investors. Should I be confirmed, my goal will be to ensure that the United States is the best and most secure place in the world to do business and for Americans to invest their hard-earned dollars to save and provide for their future.”

EU Watchdog Wants Insurers’ Crypto Holdings Fully Covered 

The European Union’s insurance authority is proposing a blanket rule mandating insurance firms to maintain capital equal to the value of their crypto holdings. The proposal is part of a measure to mitigate risks for policyholders. The European Insurance and Occupational Pensions Authority made the proposal in a Technical Advice Report to the European Commission on March 27. It sets a far stricter standard for crypto than traditional asset classes like stocks and real estate, which does not even need to be half-backed. 

“EIOPA considers a 100% haircut in the standard formula prudent and appropriate for these assets in view of their inherent risks and high volatility.”

The measure would fill a regulatory gap between the Capital Requirements Regulation and the Markets in Crypto-Assets Regulation (MiCA). EIOPA noted that the European Union’s current framework for insurers lacks specific provisions on crypto assets. EIOPA outlined four options for the European Commission to consider: Make no changes; Mandate an 80% stress level to crypto assets; Mandate a 100% stress level to crypto assets. The fourth option calls on the European Union to consider the risks of tokenized assets more broadly. EIOPA stated that the fourth option would be the most appropriate. 

“An 80% stress to the value of crypto-asset exposures does not appear sufficiently prudent,” whereas “a 100% stress is more appropriate and aligns with one of the approaches to the transitional treatment of crypto-assets under CRR.”

SEC Ends Probe Into Crypto.com

The United States Securities and Exchange Commission (SEC) has concluded its investigation into Crypto.com and has decided not to pursue any enforcement action. The exchange revealed its decision in a blog post, adding that it had received a Wells Notice from the SEC before it sued the agency in October 2024. The lawsuit stated the SEC had overstepped its authority and was dismissed in December. The investigation into the platform has now ended with no penalties imposed. Nick Lundgren, Chief Legal Office at Crypto.com, welcomed the decision, stating, 

“We are pleased that the current SEC leadership has made the decision to close its investigation into Crypto.com with no enforcement action or settlement.”

He also criticized the previous SEC leadership and claimed the agency had misused its power to target the crypto industry. Crypto.com CEO Kris Marszalek was also critical of the previous administration, stating that it attempted to stifle the industry by restricting access to essential services like banking, auditors, and investors. 

“I continue to be proud of how this industry and its community have weathered storm after storm with the most prolific being the previous U.S. Administration's war on crypto.”

Bitcoin (BTC) Price Analysis 

Bitcoin (BTC) has seen a substantial drop during the ongoing session, falling after stabilizing around the $87,000 mark on Thursday. The flagship cryptocurrency had been experiencing a steady uptrend over the past couple of weeks before hitting resistance this week and losing momentum. BTC has formed a small rising wedge pattern with two growing and converging trendlines. When trend lines converge at their meeting point, the pattern generally leads to a bearish breakdown. 

Analysts believe BTC and the broader crypto market could face another dip as tariff-related uncertainties spill over into the second quarter. Analysts at Nansen believe there is a 70% chance another price dip could occur after April 2. President Trump had promised to roll out new tariffs on April 2, only weeks after the last round of tariffs spooked markets and stoked recession fears. Aurelie Barthere, Principal Research Analyst at Nansen, believes the markets will stabilize after a brief correction, paving the way for future growth. 

“In my main scenario, 70% subjective likelihood, I expect another leg down in crypto prices after April 2 after we reached a local bottom in mid-March. After this second correction, I expect we will be bottoming for the rest of the year (continuation of the bull market and revisit of the ATHs for BTC).”

However, it's not all doom and gloom, with Barthere suggesting BTC could rebound after the correction, benefiting from a supportive macro environment. However, she remains cautious about the remaining 30%, stating, 

“It would be if we have already bottomed or if this is just a dead cat bounce for U.S. equities and crypto. For the remaining 30%: it would be if we have already bottomed or if this is just a dead cat bounce for U.S. equities and crypto (in case of a recession, which is not my base case, I think the U.S. is just slowing from 3% to 1.5-2% growth).”

While BTC has been relatively muted this week, it saw considerable movement last week as buyers looked to move past $90,000. The price registered a dramatic increase on Wednesday, rising over 5%, moving past the 20 and 200-day SMAs and settling at $86,878. However, BTC lost momentum on Thursday, dropping over 3%, slipping below the 20 and 200-day SMAs and settling at $84,215. Price action remained bearish on Friday and Saturday as BTC registered marginal declines and settled at $83,822. Bullish sentiment returned on Sunday, with the price rising almost 3%, moving past the 20 and 200-day SMAs and settling at $86,116.

Source: TradingView

BTC started the current week on a bullish note as it surged to an intraday high of $88,839. However, it could not stay at this level and settled at $87,523, ultimately registering an increase of almost 2%. Buyers lost momentum on Tuesday as BTC encountered volatility and selling pressure. As a result, the price registered a marginal decline. Volatility and selling pressure persisted on Wednesday as BTC dropped 0.54% to $86,942, but not before falling to a low of $85,865. BTC registered a marginal increase Thursday to reclaim $87,000 and settle at $87,236. However, it is back in the red during the ongoing session, down almost 2% and trading at $85,755. If sellers retain control, BTC could slip below the 20 and 200-day SMAs and drop to $80,000. On the other hand, buyers will attempt to regain control and push the price beyond $90,000. A break above this level could see BTC push towards $100,000.

Ethereum (ETH) Price Analysis

Ethereum (ETH) has seen a sharp dip this week, losing momentum after failing to go past $2,100. Ethereum has had a tough year as it faced growing competition from other Layer1 and Layer2 blockchains. Institutional interest has also diminished, as seen in consistent outflows from Ethereum ETFs. Ethereum is also grappling with internal issues, and trouble with the Pectra upgrade has eroded investor confidence. As a result, ETH has been stuck below $2,000, with price action turning bearish this week.

ETH registered a substantial increase on Wednesday, rallying over 6% to move past $2,000 and settle at $2,058. However, its rally was short-lived as the price was back in the red on Thursday, dropping nearly 4%, slipping below $2,000 and settling at $1,983 after failing to move past the 20-day SMA. Sellers retained control on Friday as the price fell almost 1% to $1,965. Buyers returned to the market over the weekend as ETH registered an increase of 0.79% on Saturday and 1.33% on Sunday to end the weekend at $2,007. Bullish sentiment intensified on Monday as ETH registered an increase of almost 4% and moved past the 20-day SMA to settle at $2,082.

Source: TradingView

However, ETH lost momentum on Tuesday after failing to cross $2,100. As a result, the price registered a marginal drop and fell to $2,068. Selling pressure intensified on Tuesday as ETH dropped nearly 3% and settled at $2,010. Sellers retained control on Wednesday as ETH registered another marginal decline, barely holding on to the $2,000 level and settling at $2,002. Selling pressure has registered a substantial increase during the ongoing session, with ETH down over 4%, slipping below the 20-day SMA and $2,000 and trading at $1,914. If sellers retain control, ETH could drop to the $1,800 support level.

Solana (SOL) Price Analysis

Solana's (SOL) price action also stalled this week, failing to consolidate above $140 and push towards $150. As a result, SOL has seen a substantial decline, with the price down almost 4% during the past 24 hours. Solana has faced considerable headwinds in recent weeks and months as concerns around its broader ecosystem persist. Several Solana-based meme coins have crashed primarily due to insider exits, leading to substantial losses for retail investors. The meme coin ecosystem's collapse has adversely impacted Solana’s decentralized exchange ecosystem as well. According to data from DeFiLlama, Solana-based decentralized exchange platforms processed over $8.7 billion in assets over the past seven days, significantly lower than BSC Chain and Ethereum.

Solana’s struggles are reflected in SOL’s price action, with the token at risk of a deeper correction. SOL formed a death cross pattern when the 50-day and 200-day moving averages crossed a widely watched bearish signal. More recently, it formed a bearish flag pattern consisting of a steep vertical drop followed by a consolidation phase.

SOL registered an increase of over 8% on Wednesday, surging past $130 and settling at $135. However, the rally lost momentum on Thursday as SOL dropped almost 6%, slipping below $130 and settling at $127. Despite the substantial drop, SOL recovered to register marginal increases on Friday and Saturday to settle at $128. Bullish sentiment intensified on Sunday as SOL rose 3.44% to reclaim $130, moved past the 20-day SMA, and settled at $132. SOL started the current week on a bullish note as it rose over 6% to move past $140 and settle at $141.

Source: TradingView

Buyers retained control on Tuesday as SOL registered an increase of almost 2% and settled at $143. However, it lost momentum on Wednesday, registering a drop of over 4%, slipping below $140 and settling at $137. SOL recovered on Thursday to register a marginal increase but is back in the red during the ongoing session, with the price down 5% and trading at $131. 

Ripple (XRP) Price Analysis 

Ripple  (XRP) has taken center stage in recent days after the SEC said it was dropping the Ripple appeal. Investors are now waiting for the formal withdrawal of the appeal. If confirmed, the withdrawal would mark a significant milestone for Ripple, XRP, and the broader crypto ecosystem. However, the SEC has maintained a studied silence, clouding investor outlook on XRP. Eleanor Terrett, host of CryptoAmerica, stated, 

“No Ripple here but I’m not entirely surprised because, again, it is slightly different to these other cases in that (as Stuart Alderoty mentioned in his post) the SEC now has to go to the Southern District and ask Judge Torres to lift the standard injunction. Once that is done, they can vote on everything at once, including withdrawing the appeal.”

XRP’s price action depends on the appeal outcome, with the price registering a substantial decline this week. XRP posted an impressive rally on Wednesday when it rose over 11% to surge past the 20 and 50-day SMAs and settle at $2.54. However, the rally lost momentum on Thursday as XRP dropped 4%, slipping below the 50-day SMA and settling at $2.43. Sellers retained control on Friday as XRP dropped over 2% and settled at $2.38. XRP continued to decline on Saturday, registering a marginal decline and settling at $2.37.

Source: TradingView

However, sentiment changed on Sunday as buying activity picked up. As a result, XRP registered an increase of almost 3% and settled at $2.44. XRP continued to push higher on Monday despite selling pressure, registering a marginal increase and settling at $2.45. XRP registered a marginal decline on Tuesday before dropping over 4% on Wednesday, slipping below the 50-day SMA and settling at $2.35. XRP continued its downward trajectory on Thursday, registering a marginal decline and settling at $2.34. Bearish sentiment has intensified during the ongoing session, with XRP down over 4%, slipping below the 20-day SMA and trading at $2.24.

Dogecoin (DOGE) Price Analysis

The meme coin ecosystem has been in the doldrums recently, with top meme coins registering substantial declines. Dogecoin (DOGE) had been trading downwards since January and reached a low of $0.143 before trading sideways. Despite the largely bearish sentiment, DOGE registered a substantial increase on Wednesday, rising 5.54% and settling at $0.177. However, it was back in the red on Thursday, dropping 4.46%, slipping below $0.70 and settling at $0.169. Sellers retained control on Friday as DOGE dropped almost 2% and settled at $0.166. Sentiment began changing over the weekend as DOGE registered a marginal increase on Saturday, rising over 3% on Sunday to end the weekend at $0.171.

Source: TradingView

DOGE began the current week positively, registering an increase of 6.29% to move past the 20-day SMA and settle at $0.182. Buyers retained control on Tuesday as the price rose over 5% to $0.191. DOGE rallied to an intraday high of $0.206 on Wednesday as bullish sentiment intensified. However, it could not stay at this level and settled at $0.194, ultimately registering an increase of 1.62%. However, DOGE lost momentum on Thursday, dropping nearly 2% and settling at $0.191. The current session sees DOGE down almost 5% and trading at $0.182 as sellers look to drive the price below the 20-day SMA.

Bittensor (TAO) Price Analysis

Bittensor (TAO) rallied on Wednesday, rising over 6% to $262. However, it lost momentum after reaching this level, dropping over 4% on Thursday and settling at $251. TAO continued to drop on Friday as it registered a drop of 2.01%, slipping below $250 and settling at $246. Despite the overwhelmingly bearish sentiment, TAO registered a marginal increase on Saturday and then rose almost 4% on Sunday to end the weekend on a bullish note at $257.

Source: TradingView

Bullish sentiment intensified on Monday as TAO registered an increase of 4.37% to move past the 20-day SMA and settle at $268. The price encountered volatility and selling pressure on Tuesday as momentum waned. However, TAO registered a marginal increase despite the selling pressure and settled at $270. Bearish sentiment returned Wednesday as TAO dropped over 3% to $261. The price rebounded on Thursday, registering an increase of 3.26% and settling at $269. The current session sees sellers back in control, with TAO down nearly 6% and trading at $254.

Jupiter (JUP) Price Analysis

Jupiter (JUP) has been trading sideways since it fell to a low of $0.445 as buyers struggle to build momentum and push higher. JUP registered a substantial increase on Wednesday when it rose over 7% and settled at $0.546. However, it was back in the red on Thursday, falling over 3% and settling at $0,527. Sellers retained control on Friday as the price dropped almost 2% and settled at $0.518. Bullish sentiment returned over the weekend as JUP registered a marginal increase on Saturday before surging nearly 5% on Sunday, going past the 20-day SMA and settling at $0.545.

Source: TradingView

Bullish sentiment persisted on Monday as JUP registered an increase of over 4% and settled at $0.568. However, it lost momentum after reaching this level, dropping 1.54% on Tuesday and settling at $0.559. Bearish sentiment intensified on Wednesday as the price fell over 4% to $0.536. JUP recovered on Thursday, rising 1.77% to $0,545, but finds itself back in the red during the ongoing session, with the price down over 6%, having slipped below the 20-day SMA and trading at $0.510.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.