Bitcoin’s price rally to over $88,000 came to a screeching halt yesterday after Trump’s latest tariffs, and the asset was dumped by over six grand in hours.
The altcoins reacted in a similar manner, with many losing up to 10% of their value since their local peaks.
BTC Dumps by $6K
Bitcoin’s weekend went quite sluggish as the asset failed to breach $84,000 and dropped toward $81,000 on Sunday evening and Monday. It bounced off after reaching that multi-day low and jumped toward $84,000 again but to no avail.
More volatility ensued on Tuesday when BTC went from $82,400 to $85,500 within a few hours. It failed there and even plunged to $81,200 in a flash crash on Bitstamp. That was short-lived too, as the cryptocurrency started to gain real traction yesterday evening amid reports that Trump will dump Musk soon.
Bitcoin shot up to a weekly high of over $88,500 within hours. However, the latest tariffs imposed by the US president against numerous countries stopped the momentum, and BTC slumped by over six grand in minutes to just over $82,000.
It has recovered slightly since then and now sits above $83,000. However, its market cap has dropped to $1.650 trillion, while its dominance over the alts is still close to 60% on CG.
Alts Turn Red, Again
Many altcoins followed BTC on the way up but have experienced massive rejections and price slides. Toncoin, Avalanche, and Solana lead the adverse trend from the larger caps, losing up to 6% on a daily scale and over 10% since yesterday’s peaks.
ETH, XRP, DOGE, ADA, XLM, and LINK are also in the red, but in a slightly less painful manner. Even more violent declines come from HYPE (-10%), CRO (-11%), and PI (-7.5%).
The total crypto market cap has shed about $140 billion since yesterday’s high and is down to $2.765 trillion on CG.
This overall volatility has wiped out nearly $500 million in overleveraged positions as longs dominate slightly ($260 million). Almost 160,000 traders have been wrecked daily. shows data from CoinGlass.
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Cryptocurrency charts by TradingView.
