Key takeaways
Crypto markets turned red over the last 24 hours, with Bitcoin and major altcoins sliding after the Trump-Putin summit and a new threat against Dogecoin. Momentum has been fading and more downside may lie ahead.
Bitcoin [BTC], major altcoins, and the total market cap all turned red over the past 24 hours.
Why? Well, analysts believe Bitcoin’s price rally may be nearing a point of exhaustion. That’s not all though as it’s worth taking into account Qubic’s latest threat against Dogecoin too.
Market cools down after geopolitical jolt
The crypto market took a sharp hit following the Trump-Putin summit in Alaska.
In fact, TOTAL dropped by nearly 2% to $3.86 trillion. In doing so, it erased much of the previous week’s gains on the charts.
Bitcoin wasn’t spared either, with the crypto down 1.54% at press time to hit $115,676. Its RSI dipped below neutral and the MACD showed early bearish signs. Such a drop is usually a sign of broader uncertainty among investors.
While not a major crash, this pullback might be indicative of a pause in momentum and rising caution across the board.
Altcoins buckle under pressure
The crypto-market’s altcoins mirrored Bitcoin’s decline on the charts, with most major tokens slipping sharply in the last 24 hours.
Solana [SOL] led the fall, down 5.64%, followed by Cardano [ADA] and XRP, with the same dropping by over 5% and 4% respectively. Dogecoin [DOGE] and Binance Coin [BNB] weren’t spared either, falling by 4.13% and 3.04%. Ethereum [ETH], for its part, showed relative resilience, declining by just 0.28%. However, its overall sentiment was weak at press time.
As it stands, the altcoin market appears to be in risk-off mode, with the bulls keeping their distance.
Fear and frenzy rule the market
There’s more to be worried about though.
The Qubic community has voted to target Dogecoin next, just days after executing a 51% attack on Monero. Founder Sergey Ivancheglo presented multiple options, but DOGE won overwhelmingly, raising concerns for proof-of-work chains.
Meanwhile, the broader sentiment around Bitcoin remains somewhat mixed.
Galaxy Digital’s Mike Novogratz, for instance, warned that a million-dollar BTC would signal economic collapse, not success.
“People who cheer for the million-dollar Bitcoin price next year, I was like, guys, it only gets there if we’re in such a shitty place domestically…”
He stressed that financial stability outweighs price hype, pointing to rising deficit concerns under Treasury Secretary Scott Bessent.
“As much as I like Scott Bessent and I think he meant everything he said, he’s failing at bending debt to GDP.”
Despite bold predictions from Arthur Hayes and Samson Mow, Novogratz also predicted that institutional Bitcoin adoption may already be entering bubble territory.