Dogecoin Drops 5% as Bitcoin Holds $78K Amid Broad Crypto Losses

Bitcoin was trading slightly above $78,000 during Asian morning hours on Thursday, down roughly 1% over the previous 24 hours. Other major cryptocurrencies posted steeper declines, led by Dogecoin, which dropped more than 5%.

BNB declined around 4%, while XRP lost about 3%. Solana, Hyperliquid’s HYPE and Ether each fell between 1% and 3%, leaving Ether just below $2,475 and Solana near $102. Tron was the only major token in positive territory, gaining less than 1% to trade around 34 cents, according to CoinDesk data.

Bitcoin’s 50-day moving average moved above its 200-day average on Tuesday, forming what is commonly known as a golden cross.

FxPro analysts noted that similar crossovers occurred in October 2024 and May 2025 without producing meaningful follow-through. However, they said the latest signal is different because it comes after an extended bull market rather than during a correction.

“The current situation bears a closer resemblance to what we saw in 2019,” the analysts wrote, referring to a period when Bitcoin gained 90% in less than two months after a similar signal.

Brent crude added to market pressure, reaching nearly $102 per barrel during Asian trading after Iran said it was prepared for a more intense conflict. The surge in oil prices is also having a direct impact on expectations for interest rates.

The 10-year U.S. Treasury yield remained around 4.85%, its highest level since late 2023. The move followed disappointment over the U.S. government’s plan to purchase as much as $6 billion in longer-dated Treasury debt, with investors having expected a larger amount.

Asian equities also weakened after Wall Street’s decline. The MSCI Asia Pacific Index slipped nearly 1%, while stock benchmarks in Japan, South Korea, Taiwan and Australia all moved lower. In the U.S., the S&P 500 ended Wednesday about 1% lower, while the Nasdaq 100 posted a smaller decline. U.S. and European futures were modestly higher.

The dollar index remained in the 98 range, although its earlier gains faded during the session. The greenback has also stopped benefiting as strongly from the support that rising oil prices initially provided during the conflict.

Currency markets focused on the Japanese yen, which returned to the 150-per-dollar area following comments from Treasury Secretary Scott Bessent. Attention also turned to the Canadian dollar, which pushed the U.S. dollar below 1.38 after retaliatory tariffs took effect and Washington restricted certain Canadian imports.

Markets are now looking toward Friday’s consumer price index report. A hotter-than-expected CPI reading could revive expectations for a Federal Reserve rate hike and place additional pressure on the assets that declined on Thursday.