Bitcoin Loses $100K Mark as Trump Pushes New Tariffs
- Bitcoin breaks $100K support
- Geopolitical impact on cryptocurrencies
- Altcoins record sharp losses
In the last few hours, the cryptocurrency market has faced a significant drop, with Bitcoin (BTC) losing the psychological $100.000 mark. At the time of publication, the price of Bitcoin was quoted at $98.644,22 with a drop of 3,5% in the last 24 hours.
Similarly, most major altcoins witnessed declines today. Ethereum (ETH) appears to be eyeing a breakout of the $3.000 support, while the bears are attempting to push XRP below $2,75, which has lost nearly 8%. Solana is close to the important $200 support. Meanwhile, Cardano (ADA) is still close to the $0,85 zone and is down almost 8%.
Why the Cryptocurrency Market is Down Today
The cryptocurrency market crash comes amid geopolitical uncertainty, fueled recently by decisions by US President Donald Trump. Trump signed executive orders imposing steep tariffs on imports from China, Mexico and Canada, which has shaken not only traditional markets but also the cryptocurrency sector.
Bitcoin initially appeared resilient, recovering from a drop from $105.000 to $98.000, returning to highs of $106.500 after the Federal Reserve left interest rates unchanged. However, the momentum was short-lived. After being rejected at $106.500, BTC retreated to $101.500 and eventually fell below $100.000, reaching a low of $98.150 on Binance. This price level is now being tested again, in a clear sign that investors are reassessing their positions in light of the new economic landscape.
Trump's imposition of tariffs has resulted in retaliation from Mexico and Canada, and an aggressive reaction from China, which has announced its intention to sue the United States at the World Trade Organization.
While BTC is down nearly 4%, other cryptocurrencies are feeling the impact even more. Virtuals Protocol (VIRTUAL) led the losses with a 17,3% drop in value, now trading at $1,59, followed by Hyperliquid (HYPE) which fell 14,7% to $22,44. JasmyCoin (JASMY) also saw a 14,3% drop, currently priced at $0,02754. Raydium (RAY) and Theta Network (THETA) declined 13,8% and 12,5%, respectively, while Bonk (BONK) saw a 12,3% drop.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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