The ongoing trade war initiated by US President Donald Trump has undeniably caused significant fluctuations within the cryptocurrency markets over the past week. Let’s delve into the events surrounding this volatile period.
Following last week’s ‘Liberation Day,’ in which the President declared tariffs on all countries starting at 10%, with even higher rates for major trading partners, Bitcoin experienced dramatic price changes that compounded over the course of the week.
The market appeared sluggish during the weekend, with Bitcoin (BTC) trading sideways at values between $82,000 and $84,000. However, this stability was short-lived, as BTC saw substantial declines starting Sunday evening and into Monday, plunging to a five-month low just above $74,000.
After failing to reclaim higher ground, Bitcoin once again dipped mid-week, reacting to news that Trump might escalate tariffs to 104% against China if retaliatory measures were not rescinded. This continued turmoil led to heightened market anxiety, culminating in a pause on tariffs for countries other than China, which now faced increased rates of 125%.
These developments prompted Bitcoin to react volatilely, witnessing rapid fluctuations between thousands of dollars in value. Notably, stabilizing news allowed BTC to surge from under $77,000 to over $83,000 in mere hours on Wednesday and Thursday, potentially bolstered by favorable CPI data for March. Currently, Bitcoin is holding at around $82,000, mirroring the valuation observed last Friday.
In contrast, Ethereum (ETH) experienced a steep decline, dropping to $1,400 earlier in the week—erasing nearly seven years of gains. Although ETH did recover slightly to $1,570 at press time, it remains down by approximately 13% on a weekly basis. Other major cryptocurrencies such as XRP, DOGE, and ADA also faced significant losses, while assets like PI and OKB observed notable gains.
Market Overview
Market Cap: $2.7T | 24H Volume: $118B | BTC Dominance: 60.6%
Current Prices:
- BTC: $82,450 (-0.2%)
- ETH: $1,568 (-13%)
- XRP: $2 (-5.5%)
Key Crypto Headlines This Week
- Analyst Predicts Comeback for ETH/BTC: Despite recent downturns, an analyst foresees a potential rebound for Ethereum.
- Ripple and SEC Joint Motion: New developments suggest a settlement might be on the horizon between Ripple and the SEC.
- Major BTC Inflow to Accumulation Wallets: Following increased volatility, long-term holders accumulated significant amounts of Bitcoin.
- Bitcoin Price Prediction by Charles Hoskinson: The Cardano co-founder projects that Bitcoin could reach $250,000 by the end of 2025.
- Ripple Halts IPO Plans: Despite concluding legal issues, Ripple has no immediate plans to go public.
- Arthur Hayes on Future BTC Boom: Insights from BitMEX’s co-founder suggest potential triggers for the next Bitcoin bull run from either the Fed or China’s central bank.
Technical Analysis
This week’s analysis will cover price movements and trends for Ethereum, Ripple, Cardano, Binance Coin, and Solana. For an in-depth look, click here for the complete price analysis.
For further details on this week’s developments, view the post titled Tariff Madness Sparks Massive Bitcoin Volatility, Major Ripple Purchase: Your Weekly Recap on CryptoPotato.
