BTC Rebounds Amid Trade War concerns
By Manoj Dharra
Crypto markets remain on edge as escalating trade war speculations, following Donald Trump’s push for new tariffs, drive uncertainty in the broader markets triggering a decline in blue-chip cryptocurrencies such as Bitcoin.
The tariff news impacted Bitcoin the most, as its U.S. ETFs witnessed $376 million outflows.
However, the original cryptocurrency bounced back from a low of $93,380, driven by Michael Saylor’s $2 billion fundraise plan to sponsor BTC purchases.
Risk assets, including cryptocurrencies, have been under pressure following hawkish comments from Federal Reserve Chair Jerome Powell and a surprise spike in U.S. inflation.
As of the latest update:
- Bitcoin (BTC) was up 0.6% at $96,375
- Ethereum (ETH) gained 1.3%, trading at $2,731
The global crypto market cap stands at $3.13 trillion, marking a 0.75% decrease over the past day. The total crypto market volume over the last 24 hours is $109.63 billion, up 19.04% since Tuesday. Stablecoins dominate trading activity, with $102.84 billion in volume, accounting for 93.81% of the total 24-hour market volume.
Uncertainty Looms Over Ethereum’s Pectra Upgrade
As per reports concerns surround Ethereum’s upcoming Pectra upgrade, which aims to enhance transaction processing and efficiency. JPMorgan analysts warned that while the upgrade intends to improve the network, it could introduce security risks, potentially affecting decentralized applications (dApps) and smart contracts.
Altcoins on the Move
- MANTRA (OM) surged 27.9% to a new all-time high after its Bybit listing, with trading volumes soaring 267% to $755 million.
- Tether minted 1 billion USDT on Tron, boosting TRX’s price by 2% to $0.2432.
- Litecoin (LTC) surged 9.5% to $131.75, as Polymarket shows an 84% chance of an LTC ETF approval in 2025.
Technical Outlook: Bitcoin’s Key Levels
Bitcoin remains in consolidation mode, with strong support at $88,000–$90,000. A breakdown below this range could trigger a sharp selloff, while buy-the-dip strategies suggest accumulation if BTC holds above this level, analyst said.
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