Bitcoin’s price actions took a turn for the worse yesterday after US President Trump recommended a 50% general tariff against the European Union.
The altcoins have also bled out on a daily scale, with more than $100 billion leaving the space within this timeframe.
BTC Pushed Below $107K
In general, it was a very good, some would say historic, week for the primary cryptocurrency. It started on a volatile foot as it pumped from $104,000 to $107,000 on a couple of occasions on Sunday and Monday but was stopped in its tracks and driven south hard.
However, the bulls kept the pressure on, and that upper boundary finally gave in on Wednesday. Moreover, bitcoin rocketed past its January all-time high of $109,100 and set a new one at almost $110,000.
It was met with immediate resistance there and a drop to $106,500, but that was short-lived. Bitcoin began another, even more impressive leg up in the following hours and tapped a fresh peak at $112,000 on Pizza Day.
It retraced slightly to $111,000 on Friday but remained at around that level until the POTUS recommended a new set of tariffs against the EU to start from June 1. In minutes, BTC’s price tumbled below $107,500, bounced off, and then slipped again to under $107,000.
It has recovered some ground now and sits above $108,000, but it’s still over 2% down on the day. Its market cap has plunged to $2.150 trillion, while its dominance over the alts stands tall at 61% on CG.
Alts in Red
The altcoins have followed BTC on the way south, with substantial losses of up to 10% from the likes of DOGE, ADA, SUI, SHIB, LINK, and AVAX. Ethereum has slipped by over 5% and is now down to $2,550. XRP has dropped to just over $2.3 after a 4.4% daily decline.
Even more painful price drops are evident from ENA, WIF, TIA, S, IP, and PEPE as all of them have plunged by double digits.
The total crypto market has lost over $100 billion since yesterday and is down to $3.530 trillion on CG.
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Cryptocurrency charts by TradingView.
