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Bitcoin’s price recovery hit a new roadblock yesterday as the asset was stopped at $80,000 and pushed south by five grand after Trump’s massive tariffs against China went into effect.
The altcoins have also turned red, with substantial losses from the likes of ETH, DOGE, UNI, NEAR, and others.
BTC Fails at $80K
It’s safe to say that the aggressive US macro policy continues to impact the cryptocurrency market. Just last week on Wednesday, the largest of the bunch shot up to over $88,000 amid reports that Trump will dump Musk from his inner circle. However, BTC slumped hard hours later after the POTUS announced that essentially every country will face at least a 10% tax, and many, such as China and those in the EU, will have bigger percentages.
The cryptocurrency dumped toward $81,000 but managed to defend that level. More volatility ensued by the end of the weekend and on Sunday evening when the asset lost the $80,000 support. On Monday, it nosedived to a five-month low of around $74,000.
It bounced off rather quickly and spiked toward $80,000 and $81,000 on a couple of occasions but was ultimately stopped after Trump intensified the tariffs against China, which are now set at 104%.
BTC dropped toward $75,000 but defended that level and now sits around $77,000. Its market cap has declined to $1.530 trillion on CG, while its dominance over the alts is still above 60%.
Alts Return to Red
Yesterday’s relief rallies didn’t last long as most altcoins have turned red once again. Ethereum continues to be among the poorest performers, having dumped by another 5% today. Moreover, it dumped to a multi-year low earlier today, which essentially erased the gains from the last seven years.
As this chart shows, most bigger alts are in the red today, aside from BNB and LEO. Even XRP, which saw some big news yesterday, has lost some ground, while UNI and NEAR have plunged the most.
PEPE and HYPE are also slightly in the green from the mid-cap alts, while XMR and SHIB are deep in the red.
The total crypto market cap has seen over $70 billion gone and the metric is down to $2.540 trillion on CG.
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Cryptocurrency charts by TradingView.
