Ether, Solana, and Dogecoin prices drop as Strategy announces Bitcoin selling plan on KuCoin
June 30, 2026
On Tuesday, significant cryptocurrencies such as Ether (ETH), Solana (SOL), and DOGE$0.07233 experienced a decline as the Japanese yen reached a low not seen in 40 years. This event led to a surge in the value of the U.S. dollar and continued pressure on the crypto market.
During this time, Bitcoin was trading at approximately $59,514, showcasing a 0.3% decrease within a 24-hour period and a 7% decline over the week. CoinDesk data revealed that Bitcoin remained below its 200-week moving average, a price point that it has maintained for nearly four years. Other altcoins also faced losses, with Ether plummeting by 8.2% to around $1,587, XRP dropping by 7.1% to $1.04, and Dogecoin experiencing an 11.9% slide to $0.072, marking the most significant decline among major cryptocurrencies. BNB also lost 6.5% during this period. However, Solana defied this trend by increasing by 3% in a day and 2.9% over the week to reach $74, while Hyperliquid’s HYPE saw a 7% bounce in daily trading, ending the week at a relatively flat position.
The primary catalyst for these market movements can be attributed to currency fluctuations, particularly the weakening of the Japanese yen. The yen fell below 162 per dollar, reaching its lowest point since 1986. This depreciation resulted in a stronger U.S. dollar overall, making dollar-denominated assets like Bitcoin more expensive for foreign investors and leading to a shift away from risky investments.
Despite these developments, Glassnode data indicated that on-chain demand remained subdued throughout the market downturn. The number of active addresses, which serves as an estimate of user engagement, hovered around 618,000, suggesting a lack of significant increase. The total value of coins being transacted across the network stayed close to $4.2 billion, slightly above the lower end of its usual range of around $3.6 billion. Additionally, transaction fees continued to decrease, signaling a lack of competition for space in each block. Collectively, these factors indicate that demand has not surged despite the lower prices.
Moreover, Strategy, a major corporate holder of Bitcoin, announced its intention to potentially sell over a billion dollars’ worth of the cryptocurrency as part of a new financial program. This news injected further caution into the market, especially considering the existing pressure from a strong U.S. dollar and a lack of fresh demand. With on-chain activity remaining relatively quiet and a significant seller potentially waiting to enter the market, cryptocurrencies are facing minimal upward momentum at present.
Looking ahead, the direction of the market hinges on whether the U.S. dollar’s ascent halts and if Japan intervenes to address the yen’s decline, which could have repercussions for the global market. As of now, with limited on-chain activity and the looming possibility of substantial sell-offs, the crypto market appears to be in a state of standstill, lacking significant catalysts to drive prices higher.
