Bitcoin settled near $78,000 on Friday after slipping to a two-week low of $77,600, as the broader crypto market shed more than $100 billion since Thursday's high. Total market cap now sits below $2.68 trillion. Most large-cap altcoins were sluggish, but privacy coins Monero and Zcash managed gains of 3% and 4.5% respectively.
Bitcoin tests $78,000 support again
BTC bounced off $77,600 but couldn't hold above $80,000 for long. Resistance around $82,000 has repelled multiple attempts this week. A spike came after positive news on the CLARITY Act in the US Senate — a bill that could clarify tax treatment of crypto transactions — but the rally quickly faded. Bitcoin's market cap stands at $1.56 trillion, with dominance above 58%.
Altcoins mixed, privacy coins shine
While most of the top coins drifted lower, XMR and ZEC went the other way. Monero gained 3% and Zcash 4.5% — a modest green patch in an otherwise red market. No obvious catalyst was cited; traders often rotate into privacy tokens during uncertain macro periods.
Pi Network loses footing
Pi Network's PI token fell more than 8% this week, losing support at $0.165 and dropping out of the top 50 cryptocurrencies by market cap. The project has faced ongoing questions about its mainnet launch timeline and token utility. For now, it's a cautionary tale for hype-driven tokens.
CLARITY Act gives a brief boost
The CLARITY Act's progress in the Senate sent Bitcoin spiking briefly, but the move wasn't sustained — a reminder that regulatory optimism has a short shelf life in this market. The bill still needs a full Senate vote and House passage before it becomes law.
