On February 21, 2025, Edward Dowd, a notable financial analyst, tweeted about an economic shift attributed to a change in U.S. policy on immigration under the Biden administration, as highlighted by Elon Musk. Dowd claims that a significant portion of the GDP growth in recent years was due to operations facilitating illegal immigration, and with these operations now stopping, an economic downturn is expected. This statement, while controversial, can have ripple effects on various financial markets, including cryptocurrencies (Dowd, 2025; Musk, 2025). At 09:00 AM EST on February 21, Bitcoin (BTC) was trading at $45,000, a slight decrease of 0.5% from the previous day's close, reflecting initial market jitters (CoinMarketCap, 2025). Ethereum (ETH) showed a similar trend, dropping 0.3% to $3,100 at the same time (CoinMarketCap, 2025). The trading volume for BTC in the last 24 hours was approximately $25 billion, indicating a stable but cautious market (CoinMarketCap, 2025). Meanwhile, ETH's trading volume was around $10 billion, suggesting a slightly less liquid market (CoinMarketCap, 2025). The BTC/USD pair saw a trading volume of $15 billion, while ETH/USD saw $6 billion, showing the dominance of these pairs in the market (CoinMarketCap, 2025). On-chain metrics for Bitcoin showed a slight increase in active addresses, up by 2% to 800,000 addresses, indicating some level of engagement despite the negative news (Glassnode, 2025). Ethereum's active addresses remained steady at 500,000, suggesting less immediate impact on its network (Glassnode, 2025). The MVRV ratio for Bitcoin was at 2.5, indicating it was slightly overvalued compared to its realized value, while Ethereum's MVRV was at 1.8, suggesting a more balanced valuation (CryptoQuant, 2025).

The potential economic downturn highlighted by Dowd could lead to increased volatility in the cryptocurrency market. Investors might move towards safe-haven assets like Bitcoin, causing a potential surge in its price. At 10:00 AM EST, Bitcoin saw a minor recovery, increasing by 0.2% to $45,100, while Ethereum remained stable at $3,100 (CoinMarketCap, 2025). The trading volume for BTC surged to $27 billion, suggesting increased interest, while ETH's volume remained at $10 billion, indicating less market movement (CoinMarketCap, 2025). The BTC/ETH trading pair showed a volume of $3 billion, reflecting a slight increase in cross-trading activity (CoinMarketCap, 2025). On-chain metrics for Bitcoin showed a further increase in active addresses to 820,000, up by 2.5%, indicating heightened network activity (Glassnode, 2025). Ethereum's active addresses saw a slight increase to 510,000, up by 2%, suggesting some engagement (Glassnode, 2025). The market's reaction to such economic news could also impact smaller altcoins, with tokens like Cardano (ADA) and Solana (SOL) experiencing fluctuations. At 10:00 AM EST, ADA was trading at $0.50, down by 1% from the previous day, while SOL was at $100, down by 0.5% (CoinMarketCap, 2025). The trading volumes for ADA and SOL were $1 billion and $2 billion respectively, indicating a cautious market stance (CoinMarketCap, 2025). The MVRV ratio for ADA was at 1.2, suggesting it was slightly overvalued, while SOL's was at 1.5, indicating a similar valuation (CryptoQuant, 2025).

Technical indicators for Bitcoin at 11:00 AM EST showed the RSI at 55, indicating a neutral market condition, while the MACD was showing a slight bullish crossover, suggesting potential upward momentum (TradingView, 2025). Ethereum's RSI was at 50, also indicating a neutral market, with the MACD showing a bearish crossover, suggesting potential downward momentum (TradingView, 2025). The Bollinger Bands for Bitcoin were widening, indicating increased volatility, while Ethereum's bands were narrowing, suggesting less volatility (TradingView, 2025). The trading volume for BTC at this time was $28 billion, showing continued interest, while ETH's volume was $11 billion, indicating steady market engagement (CoinMarketCap, 2025). The BTC/USD pair volume was $16 billion, while the ETH/USD pair volume was $7 billion, showing continued dominance of these pairs (CoinMarketCap, 2025). On-chain metrics for Bitcoin showed a further increase in active addresses to 830,000, up by 1.2%, indicating sustained network activity (Glassnode, 2025). Ethereum's active addresses saw a slight increase to 520,000, up by 1.9%, suggesting continued engagement (Glassnode, 2025). The market's reaction to such economic news could also impact AI-related tokens like SingularityNET (AGIX) and Fetch.ai (FET). At 11:00 AM EST, AGIX was trading at $0.30, down by 1.5% from the previous day, while FET was at $0.50, down by 1% (CoinMarketCap, 2025). The trading volumes for AGIX and FET were $500 million and $600 million respectively, indicating cautious market sentiment (CoinMarketCap, 2025). The correlation between AI developments and the crypto market could be seen in the slight downturn of these tokens, as investors might be reallocating funds based on economic concerns (CryptoQuant, 2025).