Crypto market plummeted due to concerns over US-China trade tensions. Bitcoin (BTC) is currently trading at $103,700, down more than 2% today.
Ethereum (ETH) and Solana (SOL) also dropped by 6.3% and 7.8% respectively, while Sui (SUI) fell 7.3% and Avalanche (AVAX) declined 7.3%. Crypto-related stocks were also affected, with BitDeer ($BTDR) down 8.3%, MicroStrategy ($MSTR) down 2.7%, and Coinbase ($COIN) down 1.3%.
The decline is attributed to Trump pointing out China's tariff agreement violations and Treasury Secretary Scott Bessent mentioning that trade negotiations are in a "deadlock". China demanded "immediate corrective measures and the cessation of discriminatory restrictions".
Bitcoin has dropped 6% compared to last week. Technical indicators are also sending warning signals. Analysis suggests that if the support level of $104,584 breaks, it could fall to $100,694.
The market capitalization of meme coins decreased by $10 billion, from $74 billion to $64 billion in a week. The expiration of Bitcoin and Ethereum options worth $11.4 billion also influenced short-term price volatility.
The Fear and Greed Index dropped from 74 to 69, reaching a three-week low. Recently, 217,000 traders were liquidated, resulting in over $800 million in liquidations.
Get news in real-time...Go to Token Post Telegram
<Copyright ⓒ TokenPost, unauthorized reproduction and redistribution prohibited>
