As US-China trade tensions resurface, the cryptocurrency market experienced a sharp decline over the weekend and is now showing a slight rebound.
According to CoinMarketCap, a global cryptocurrency market site, as of 8 AM today, Bitcoin is trading at $105,643.89 per coin, up 1.04% from the previous day. The 24-hour trading volume is $37.1 billion, with a circulating supply of approximately 19.87 million coins.
Major assets are also participating in the short-term upward trend. Ethereum rose 0.51% to $2,540.85, and Binance Coin (BNB) increased 0.32% to $660.57. However, the weekly trend remains sluggish. Bitcoin has declined 3.06% over the past seven days, with most major coins like Ethereum (-0.19%), BNB (-1.49%), and Solana (-9.77%) also showing a downward trend.
This adjustment was triggered by statements from former US President Donald Trump. He criticized China for not complying with trade agreements and announced plans to raise tariffs on steel and aluminum from 25% to 50%. Consequently, over the weekend, Bitcoin dropped 2%, Ethereum fell 4%, and Ripple declined nearly 5%, freezing overall investment sentiment. However, the decline has temporarily stopped, with some assets beginning to rebound.
The stablecoin Tether (USDT) maintains a fixed price of $1.00, with a 24-hour trading volume of $53.9 billion, making it the most actively traded in the entire market. Its circulating supply is approximately 153 billion coins.
The Fear and Greed Index, which indicates market sentiment, remains at 56, a 'neutral' level, suggesting investors are maintaining a wait-and-see approach without excessive optimism or pessimism. The Altcoin Season Index, which shows Bitcoin's strength compared to altcoins, is at 22/100, indicating the market continues to be Bitcoin-centric.
