Crypto News Today (05th Feb 2025): Bitcoin Drops to $98k Amid SEC’s New Task Force | XRP Plummets by 7%

The post Crypto News Today (05th Feb 2025): Bitcoin Drops to $98k Amid SEC’s New Task Force | XRP Plummets by 7% appeared first on Coinpedia Fintech News The cryptocurrency market has witnessed a sharp decline today, with the global market cap falling by 2.84% to $3.22 trillion. Trading volume also took a significant hit, dropping by 24.46% to $193.73 billion. The Fear & Greed Index currently stands at 38, reflecting a neutral sentiment among investors. SEC’s Crypto Task Force to Focus on Regulatory Clarity SEC Commissioner Hester Pierce announced on February 4th the formation of a dedicated Crypto Task Force. The new initiative aims to streamline regulatory guidelines and improve oversight, providing clearer frameworks for cryptos. This move comes as the crypto industry faces increasing scrutiny from regulators worldwide. Bitcoin Faces Market Pressure, Drops to $98k Bitcoin price has declined by 2.52% in the last 24 hours, settling at $98,206.16. Despite the drop, Bitcoin’s market dominance has climbed to 60.40%, suggesting a potential flight to safety amid broader market uncertainty. The 24-hour trading volume for BTC has decreased by 12.95% to $72.89 billion, indicating a slowdown in activity. Read our Bitcoin Price Prediction 2025, 2026-2030 for a sneak peek into BTC’s future prices. XRP Network Halt Triggers Losses? XRP has suffered the steepest decline among major cryptocurrencies, plunging 7.32% in the past day. The downturn follows an unexpected one-hour network halt, causing uncertainty among investors. Also read our XRP Price Prediction 2025, 2026-2030 to see where XRP is headed next! Altcoins Show Mixed Performance Ethereum price has dropped by 2.57% to $2,734.07, while Solana slipped by 3.37% to $208.08. The overall market downturn has weighed on altcoins, with only a few projects showing positive momentum. Top Gainers MELANIA: +15.44% to $1.69 PENGU: +5.21% to $0.01361 SUI: +3.16% to $3.67 Top Losers ENA: -10.20% to $0.5957 KAS: -7.34% to $0.09812 AERO: -7.32% to $0.8948 FAQs What is Bitcoin’s current market trend? Bitcoin is facing downward pressure, dropping 2.52% in 24 hours, though its dominance has increased to 60.40%. Why did XRP experience a sharp drop? XRP suffered a 7.32% loss following an unexpected one-hour network halt, raising concerns among investors. What is the SEC’s new Crypto Task Force? The SEC’s newly formed Crypto Task Force, led by Commissioner Hester Pierce, aims to provide clearer regulatory guidelines for the cryptocurrency market.