Crypto market update: Here's how Bitcoin, Solana, others are faring today

Investors' confidence, analysts said, stands strong as the White House plans to establish the Bitcoin Strategic Reserve using alternative government revenue sources

The flagship cryptocurrency, Bitcoin, continued its upward momentum to touch $86,400 before investors booked profits at higher levels, mirroring the movements at Wall Street. Overnight in the US, tech major Nvidia’s stock price tanked in after-hours trading following the US announcement of a ban on H20 chip sales to China, with analysts noting that crypto markets tend to react strongly to movements in tech stocks, which are high beta plays.

 

The world’s most popular and largest cryptocurrency by market capitalisation was trading down 2.14 per cent at around $83,458.01, with a market cap of $1.65 trillion and a trading volume of $27.86 billion as of 10:15 AM on Wednesday, April 16, 2025. 

 

(Source: CoinMarketCap)

                           That said, the investors' confidence, analysts believe, stands strong as the White House plans to establish the Bitcoin Strategic Reserve using alternative government revenue sources. This establishmenst, Alankar Saxena, o-founder and CTO of Mudrex, said, could make the US a potential buyer of Bitcoin, significantly boosting demand for the asset. Another bullish factor is that the Bitcoin Whales—holding at least 1,000 BTC to 10,000 BTC—have just surged to 2,014, increasing 3.5 per cent in a month.

 

"At current levels, Bitcoin faces resistance at $87,200, while the immediate support stands at $83,000," said Saxena.

 

Meanwhile, Vikram Subburaj, CEO of Giottus Crypto Platform, believes that the sell-off in the flagship crypto is likely a short squeeze. It is again consolidating around $84,000. "The longer it takes to break through to $88,000, the risk of it breaking down towards $80,000 increases," said Subburaj.

 

The market, Subburaj said, can be volatile with the US retail sales data release along with a speech by the US Fed Chair.

 

Among other popular cryptocurrencies, Ethereum (ETH), the world's second-largest cryptocurrency by market capitalisation, traded lower by 3.12 per cent at around $1,582.55. Solana (SOL) was trading lower by 3.55 per cent, followed by Ripple (XRP), at a loss of 3.14 per cent, and Binance Coin (BNB), which experienced a 0.86 per cent decline.

 

Meanwhile, the US dollar-linked stablecoin Tether traded at $0.9998, up 0.01 per cent.