Crypto Market Weakens as Dogecoin Plunges 5% While Bitcoin Holds $78K

Bitcoin was holding slightly above $78,000 during Asian trading on Thursday, down about 1% over the past day. The broader crypto market faced heavier selling, with Dogecoin recording the largest decline among the major tokens.

DOGE fell more than 5%, while BNB dropped around 4% and XRP declined roughly 3%. Ether, Solana and Hyperliquid’s HYPE each lost between 1% and 3%. Ether slipped below $2,475, while Solana traded near $102. Tron was the exception, edging up less than 1% to about 34 cents, according to CoinDesk data.

Bitcoin also recently produced a key technical signal. On Tuesday, its 50-day moving average moved above the 200-day average, creating a golden cross that traders often monitor as a potential bullish indicator.

FxPro analysts noted that similar signals in October 2024 and May 2025 did not lead to significant gains. This time, however, they said the setup more closely resembles 2019 because the crossover has appeared after an extended bull market rather than during a correction.

They pointed to Bitcoin’s performance in 2019, when the cryptocurrency gained 90% in less than two months following the signal.

Oil prices raise fresh rate concerns

The decline in digital assets came as rising crude prices increased pressure on financial markets. Brent crude surged to almost $102 per barrel during Asian trading after Iran said it was prepared for a more intense war.

The jump in oil prices is feeding into expectations for interest rates as investors assess the potential inflationary impact of higher energy costs.

The 10-year U.S. Treasury yield remained near 4.85%, its highest level since late 2023. Investors were disappointed by the U.S. government’s plan to purchase as much as $6 billion of longer-dated debt, which fell short of expectations for a larger purchase.

Asian equities also weakened after Wall Street posted losses. The MSCI Asia Pacific Index declined nearly 1%, while stock benchmarks across Japan, South Korea, Taiwan and Australia also moved lower.

The S&P 500 ended Wednesday’s session down about 1%, while the Nasdaq 100 posted a smaller decline. U.S. and European futures subsequently edged higher.

Yen and Canadian dollar draw attention

The dollar index remained in the 98 range, although its earlier gains failed to hold. The greenback has also lost some of the support it previously received from higher oil prices during the conflict.

The Japanese yen returned to the 150-per-dollar region after comments from Treasury Secretary Scott Bessent. Meanwhile, the Canadian dollar strengthened enough to push the U.S. dollar below 1.38 following the introduction of retaliatory tariffs and a U.S. ban on some Canadian imports.

Markets are now waiting for Friday’s U.S. consumer price index data. A hotter-than-expected inflation reading could revive bets on a Federal Reserve rate hike, potentially putting additional pressure on cryptocurrencies and other risk assets.