Bitcoin Holds Steady at $93,000 Amid Market Volatility

The cryptocurrency market experienced some volatility on Thursday, following three days of bullish momentum.
Bitcoin (BTC) remained steady over the past 24 hours, holding at around $93,100. Ethereum (ETH) slipped 1.2% to approximately $1,768, while XRP fell 2.2% to $2.20. Solana (SOL) also edged down nearly 1%, trading near $150, according to CoinGecko.

The total cryptocurrency market capitalization decreased by 2.4% on the day, hovering around the $3 trillion mark.
Yesterday, Bitcoin briefly became the fifth-largest global asset when it reached $94,000, surpassing Google's market capitalization. Today, the asset is ranked eighth, with a market cap of around $1.85 trillion, according to Companiesmarketcap.com.
Leveraged liquidations over the past 24 hours have totaled $273 million across 125,540 traders, according to CoinGlass. Ethereum led liquidations with around $48 million, while Bitcoin followed with roughly $46 million.
U.S. spot Bitcoin exchange-traded funds (ETFs) recorded $917 million in inflows on Wednesday. Meanwhile, spot Ethereum ETFs recorded $24 million in outflows, according to SoSoValue data.
State of the Market
Experts aren’t attributing any specific driver to Thursday’s volatility, but note that this is simply the current state of the market. "I don’t see any fundamental shift behind today’s volatility,” Dr. Kirill Kretov from CoinPane told The Defiant. “In fact, nothing has really changed since the beginning of the tariff-driven escalation.”
Dr. Kirill explained that the market is in a phase of deep macro uncertainty where even traditional markets are highly reactive to every new post from the U.S. president and geopolitics.
“In crypto, that uncertainty gets magnified,” he said. “However, this is still a high-risk asset class, and the current environment only amplifies its sensitivity to headlines and political noise.”
BTC as an Independent Asset Class
Tracy Jin, the COO of MEXC, emphasized Bitcoin’s growing role as a macroeconomic hedge, noting, “This isn’t just talk anymore — we’re seeing it in behavior.”
Jin explained that current macro conditions – a declining U.S. dollar index, mixed signals from the Federal Reserve, and ongoing tariff tensions – have created an ideal environment for non-sovereign assets like Bitcoin to thrive.
As evidence, Jin pointed to the number of Bitcoin wallets sending assets to exchanges, noting that it stands at a three-year low. The 30-day moving average has dropped to 52,000 addresses, compared to 71,000 over the 365-day average, suggesting that holders are not looking to sell.
“This is the start of a structural shift, not just another moment of relative strength,” Jin said. “If Bitcoin can hold its ground while equities slide, it might finally step into the role many assigned to it years ago - not just digital gold, but an independent asset class."
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