The crypto market has crashed yet again upon the announcement by Donald Trump that the 25% tariffs on Mexico and Canada will go on. This announcement came just a day after the crypto market experienced a pump fueled by Trump’s update on digital assets that will feature in the US Crypto Reserve. Trump named BTC, ETH, XRP, SOL, and ADA as part of these cryptocurrencies which saw a massive surge in the prices of the cryptocurrencies with Bitcoin reclaiming the $94K level.
However, today BTC has dropped by over 9% following the Canada and Mexico tariff confirmation by Trump. Altcoins have also followed suit resulting in yet another bloodbath in the crypto sector.
Crypto Market Cap (TOTAL) Dips by Over 10%
After the current turn of events, the total crypto market capitalization (TOTAL) has fallen following the dip in Bitcoin and altcoins. According to the market overview by CryptoRank.io, “the total crypto market cap plunged -10% today, wiping out all of yesterday’s gains.”
The data on TradingView shows that the TOTAL has dipped to $2.73 Trillion. This plunge comes as a result of the market experiencing significant turmoil which has since erased the gains made over the weekend. With the macro-economic uncertainties prevailing in the market, the crypto investors have decided to adopt a cautious strategy. Hence, this has resulted in the increased volatility across the crypto market.
In case the macro-economic uncertainty prevails, the TOTAL could plunge further and could retest the support at $2.68 Trillion. If this level is breached the TOTAL could risk the next support at $2.58 Trillion.
However, a bounce from the current level would signify that buying interest at lower prices is increasing. Hence the TOTAL could surge towards resistance around $2.83 Trillion. If the total crypto market cap turns this level into support, a further push towards the next resistance at $2.92T could occur. This would then depict that bullish momentum is picking up pace.
$1.09B Liquidated From The Crypto Market In the Last 24 Hours
With the cryptocurrencies dipping after expressing signs of recovery following Trump’s Crypto Reserve digital assets naming, the crypto market has faced massive liquidations. According to data on Coinglass, the total liquidations have hit $1.09B. In the recent bloodbath, over 289,612 traders were liquidated.
Bitcoin traders saw the most liquidations with $336.98 million liquidated. Ethereum and Solana followed with ETH recording $177.43 million in liquidations while SOL recorded $60.12 million in liquidations over the same period.
Other notable liquidations were experienced across XRP which faced $55.66 million liquidation. Additionally, Dogecoin (DOGE) experienced $17.55 million in liquidations. The recent market performance clearly depicts the volatile nature of cryptocurrencies which often experience unprecedented turns.
Bitcoin Drops Below $85K Yet Again
The price of Bitcoin has experienced twists and turns over the last 4 days. Today, the price is back below the $85,000 level and sits at $83,818.49 as per the data on Coingecko. This current price shows that BTC, which had over 10% gains yesterday has dipped by over 9.2%.
If uncertainty continues to loom in the crypto market BTC could drop even further as selling pressure is intensifying in the market. If Bitcoin fails to maintain the current price level, the price could drop further risking a retest of the support around $78,000.
However, if a rebound occurs and BTC turns the $85,000 level into support, prices could rise further. Market participants should thus keep an eye on how Bitcoin performs moving forward.
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