BTC price teeters near $63,000 as pippin's rally shows speculative froth remains: Crypto Daybook Americas

CoinDesk

by Omkar Godbole

February 24, 2026

AI-Generated Deep Dive Summary

Bitcoin (BTC) hovers near $63,000 as major cryptocurrencies face continued pressure, with broader markets showing signs of speculative activity. Despite the overall downturn since October—bitcoin down nearly 50%—the rise of Pippin (PIPPIN), an AI-generated memecoin on the Solana blockchain, highlights lingering speculative fervor in the crypto space. Over the past four weeks, Pippin has surged by 135%, driven by speculation and rapid market cap growth, but concerns about manipulation and money laundering have raised red flags. The rally in Pippin appears to be fueled more by speculative interest than organic demand, according to LunarCrush. The token's performance underscores the ongoing presence of speculative bubbles in crypto markets, despite broader market weakness. This suggests that while major cryptocurrencies like Bitcoin and Ethereum (ETH) continue to struggle—down 4% and at least as much as other altcoins—the market remains volatile, with risks of further declines. External factors, such as U.S. tariffs and fears of AI-driven economic disruptions, are keeping risk assets under pressure. CryptoQuant data indicates a lack of sustained institutional demand, with the Coinbase Premium Index remaining negative relative to Binance. Observers warn that if Bitcoin跌破 $60,000—a key psychological level—this could trigger cascading liquidations and broader market instability. The crypto ecosystem faces reputational risks as concerns about manipulation in Pippin's rally persist. Experts like Vinny Lingham caution that a potential drop below $60,000 for Bitcoin could lead to significant market carnage, reminiscent of the 2022 crypto crash. The yen's recent weakening against the U.S. dollar, which has shown a positive correlation with bitcoin prices, adds another layer of uncertainty in traditional markets. As the crypto markets navigate these challenges, the broader implications for investors remain critical. The interplay between speculative activity and structural weaknesses in major cryptocurrencies highlights the need for caution, especially as the market seeks stability amid external economic pressures.

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Originally published on CoinDesk on 2/24/2026