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Cryptocurrency values drop significantly as profit-taking ensues, with Dogecoin facing the steepest declines.
Bitcoin is trading steady around $93,000, while major cryptocurrencies like XRP, SOL, BNB, and DOGE have seen their values decrease by over 2%. Inflows into Spot Bitcoin ETFs in the United States have surpassed $916 million, reflecting Bitcoin’s increasing attractiveness as a refuge in a unstable market.
Market Overview
On Thursday, significant digital currencies experienced declines of up to 5% as traders capitalized on recent price increases. Among these, Dogecoin (DOGE) registered the largest loss in the large-cap category.
During the last 24 hours, Bitcoin (BTC) has remained around the $93,000 threshold. Meanwhile, XRP, Solana (SOL), BNB from BNB Chain, and DOGE recorded drops of more than 2%. Ethereum (ETH) saw a lesser decline, falling by about 1.5%.
Wider Market Analysis
The total market capitalization saw a reduction of 2.5%. The CoinDesk 20 index, which closely follows the foremost cryptocurrencies by market cap, declined by over 3%.
On Wednesday, U.S. Spot Bitcoin ETFs achieved over $916 million in inflows. Analysts correlated this increase with Bitcoin’s growing reputation as a safe-haven asset, especially in the face of ongoing macroeconomic pressures.
“The inflows are driven by a declining U.S. dollar index, and Bitcoin’s growing safe-haven appeal amid equity market volatility,” — Vugar Usi Zade, COO at Bitget
He also noted that rising institutional interest and Bitcoin’s diminishing correlation with stock markets are fortifying its position as a tool for investment diversification.
Macroeconomic Influences
The narrative positioning Bitcoin as “digital gold” continues to gain momentum, reflecting behavior similar to gold’s pricing amid global trade challenges and changing bond yields.
Recently, Donald Trump signaled he has no plans to dismiss Fed Chair Jerome Powell and suggested a potential easing of tariffs on Chinese goods, offering slight relief to financial markets.
“Macro risks remain, but one critical overhang appears to be cleared,” — QCP Capital
“Trump is signaling no intention to replace Fed Chair Powell for now. That helped reduce a key tail risk.”
Nevertheless, traders continue to exercise caution in response to fluctuating policy indicators, regulatory uncertainties, and persistent geopolitical tensions.
🐦 Embedded Tweet
Dogecoin leads losses among major cryptocurrencies while Bitcoin stays firm near $93K. Here’s what’s happening in the markets today. https://twitter.com/CoinDesk/status/1234567890
— CoinDesk (@CoinDesk) April 24, 2025
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