Why Are Bitcoin, XRP, and Dogecoin Prices Falling Today?

Godfrey Benjamin
February 2, 2025
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CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
BTC Price Crashes to $90K: 3 Charts That Show Bitcoin Bull is NOT Over

Highlights

  • Bitcoin price is falling as $100,000 support breach looms
  • Altcoins joined the downtrend with XRP and Dogecoin leading the selloff
  • Market trend suggests a shakeup is imminent as traders weigh fundamentals

The crypto market is experiencing another bearish drawdown, with the price of Bitcoin (BTC), XRP, and Dogecoin (DOGE) in the spotlight. Amid this mild route, the combined crypto market cap has dropped by 2.06% to $3.43 trillion. In addition, the crypto liquidation trend shows a potential weekend crash is imminent. 

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Bitcoin Price and Liquidation Outlook

Leading the altcoin drop, Bitcoin price is at risk of falling below the $100,000 psychological level. The coin has already made history as it recorded its first monthly close above $100,000. Despite the mild consolidation in the market, buyers are making a profit at the moment.

As of writing, the BTC price was changing hands for $100,579.67, down by 1.69% in 24 hours. The coin has traded around a very tight range from a low of $100,542 to a high of $102,755 before the selloff.

BTC/USD 1D Price Chart. Source: CoinMarketCap

Notably, this outlook has fueled a combined crypto liquidation of $382.51 million per Coinglass data.

Notably, this figure is less than the earlier $1.1 billion crypto liquidation, which dragged BTC from a high of $108,000 to $95,587.68. However, traders are on high alert, and Bitcoin is co-leading the liquidation trend with $57 million.

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XRP and Dogecoin Price Dragged In

Altcoins are not spared from the growing drawdown in the general market. While Ethereum leads the single asset liquidation with $72.12 million, XRP and Dogecoin arguably suffered more price falls.

XRP had a spot price of $2.884, down 6.02% as of writing. Dogecoin nosedived 7.31% to $3079 with an $11.89 million in crypto liquidation. Despite Bitcoin commanding a bigger market share, the price of these altcoins has shown their strong dependency on the coin. 

The reasons for the drop in BTC price may be speculative; mild leverage build-up appears to be moving against futures traders. Coinglass data shows that Bitcoin Open Interest is pegged at 631,140 BTC, worth $63.56 billion. This proves how exposed futures traders are, requiring cools.

Meanwhile, altcoins are merely responding per their strong correlation with Bitcoin price. Per an earlier DOGE price analysis, there is hope for building a strong resistance around the $0.3 mark. This optimistic forecast comes as traders weigh in on Elon Musk’s $1 billion D.O.G.E update.

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Temporary BTC Price Shakeup

The price of Bitcoin recorded a $109,114 all-time high shortly after the inauguration of President Donald Trump. Thus far, the outlook for BTC and the broader crypto industry looks promising under the new administration.

Having appointed Mark Uyeda as acting chair of the US Securities and Exchange Commission (SEC), the outlook per regulatory policies has shifted. The agency even approved Bitwise Bitcoin and Ethereum ETF product, a sign of relaxed scrutiny.

With these changing dynamics, the current selloff in BTC price might turn out as a temporary offset, and the market will shake up in the short term.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on X, Linkedin
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.