Somewhat unexpectedly, all the drama started during the previous weekend, which is typically a calmer period for the financial markets. Well, except crypto, because it’s open 24/7.
President Trump’s implementation of new taxes on Canada, China, and Mexico brought mass panic across the charts. On Saturday evening and Sunday, BTC tumbled from $102,000 to under $100,000 and down to $97,000. It managed to catch its breath on Sunday afternoon, but the bears were back in control of the market on Monday morning.
In a matter of hours, BTC slumped hard and fell below $92,000 for the first time in about two weeks. Consequently, bitcoin had lost ten grand within 24 hours and roughly $15,000 since last Friday when it stood above $106,000.
After that multi-week low, though, the cryptocurrency bounced off and jumped above $100,000 and back to $102,000, thus completing another ten-grand move within hours. Nevertheless, it failed to sustain within six-digit territory and headed south in the following days. It flirted with the $96,000 support line on several occasions but so far has managed to maintain above it.
Hours ago, BTC pumped by a few grand and touched $100,000 for the first time since Monday, following the US jobs data. However, it couldn’t keep the momentum going and is now back below it.
The weekly charts are quite painful for most altcoins. Ethereum is down by 17% and trades well below $2,800. XRP has plunged by 18% to under $2.5, while DOGE, ADA, LINK, AVAX, and SUI have plummeted by over 20%.
In fact, OM is the only larger-cap altcoin in the green. An 18% surge since last Friday has pushed its price to well above $6.
Market Data
Market Cap: $3.359T | 24H Vol: $154B | BTC Dominance: 58.5%
BTC: $98,750 (-5%) | ETH: $2,750 (-17.25% ) | XRP: $2.49 (-18.3%)
This Week’s Crypto Headlines You Can’t Miss
Bitcoin Rallies Toward $100K as Mexico and US Suspend Tariffs. As explained above, the highly volatile trading week due to Trump’s tariffs against a few countries led to a substantial crash in the market. However, the suspension agreement between the US and Mexico sent BTC flying on Monday evening, with a brief surge toward $100,000.
Trump Approves US Sovereign Wealth Fund, Will it Buy Bitcoin? The new US President dominates the news on all fronts and his decision to approve a US sovereign wealth fund earlier this week broke Crypto Twitter as many anticipated that it will finally see the inclusion of BTC and perhaps other digital assets. However, that doesn’t seem to be the case, at least for now.
MicroStrategy Drops ‘Micro’ From Name After Record BTC Buying Quarter. The biggest corporate holder of bitcoin rebranded its name this week by dropping ‘Micro.’ The company, now called simply ‘Strategy,’ has introduced BTC into its logo and reaffirmed its leadership position in the bitcoin landscape by registering its best quarter in terms of accumulation.
Arthur Hayes Slams US Bitcoin Reserve Plans and Crypto Regulation Efforts. The BitMEX co-founder is among the critics of the supposed US bitcoin reserve as he believes that such a move would be mostly political and can be a double-edged sword. He noted that ‘what can be bought can be sold,’ and a potential accumulation of BTC by the US government could be devastating if there’s a change in the nation’s political scene in the next few years.
Crypto Analyst Says Altcoins May Take 2 Months to Recover, Here’s Why. The aforementioned crash in the crypto markets hit the altcoins the hardest, with many charting double-digit losses daily and on a weekly scale. A popular analyst believes many of them would need at least a month or two to recover as their corrections were deeper.
BlackRock Expands Crypto Offerings With Bitcoin ETP in Europe: Report. The asset manager behind the world’s largest Bitcoin ETF plans to expand its portfolio of BTC-related products. BlackRock aims to launch a BTC-linked exchange-traded product in Europe, which would become its first entry into the European crypto scene.
Charts
This week, we have a chart analysis of Ethereum, Ripple, Cardano, Binance Coin, and Solana – click here for the complete price analysis.
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Cryptocurrency charts by TradingView.
