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Dogecoin sinks 5% to lead majors losses, with bitcoin holding $78,000 level
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- DeepHorus
Dogecoin experienced a sharp decline of over 5% on Thursday, leading losses among major cryptocurrencies as broader market pressures mounted. Bitcoin, the largest cryptocurrency by market capitalization, traded just above $78,000, marking a more modest decline of approximately 1% over the prior 24 hours. The downturn in the crypto market was largely attributed to rising macroeconomic headwinds, notably surging oil prices that pushed U.S. Treasury yields to their highest levels since late 2023.
This market movement occurred against a backdrop of escalating geopolitical tensions. Brent crude oil prices neared $102 per barrel during Asian trading hours after Iran signaled its preparedness for a more intense conflict. This surge directly contributed to a rise in the 10-year Treasury yield to around 4.85%, increasing the appeal of safer assets and weighing on risk assets like cryptocurrencies and equities.
Despite the immediate price pressure, a potentially significant bullish technical signal for Bitcoin emerged. On Tuesday, Bitcoin's 50-day moving average crossed above its 200-day moving average, an event often referred to as a "golden cross." Analysts at FxPro noted that while similar crossovers in 2024 and early 2025 did not trigger major rallies, the current setup resembles the conditions that preceded a 90% Bitcoin rally in 2019.
The negative sentiment was not confined to crypto. Asian stock markets followed Wall Street lower, with the MSCI Asia Pacific Index dropping nearly 1%. U.S. futures edged slightly higher ahead of a critical inflation report. Friday's Consumer Price Index (CPI) data is now the key focus for investors; a hotter-than-expected inflation print could revive expectations of a Federal Reserve interest rate hike, further pressuring risk assets.
The broader market anxiety is also reflected in currency and commodity movements. The Canadian dollar strengthened against the U.S. greenback as retaliatory tariffs took effect, while the Japanese yen hovered in the 150 per dollar zone. Attention remains fixed on how these interconnected factorsâgeopolitics, oil, yields, and impending inflation dataâwill shape the market's direction in the coming sessions.
Looking ahead, the cryptocurrency market's short-term trajectory appears heavily dependent on the upcoming U.S. inflation data and the Federal Reserve's response. While the technical golden cross offers a long-term bullish perspective, immediate challenges persist. The performance of assets like Bitcoin around the $78,000 support level may set the tone for whether the market can stabilize or faces further selling pressure.
