Coin Monitor: Market Tanks on China’s Retaliatory Tarriffs
Coin Monitor: Market Tanks on China’s Retaliatory TarriffsBy Manoj Dharra
Major U-Turn in Crypto Markets Sends Bitcoin Back Below $85K
The cryptocurrency market retreated sharply on Tuesday, erasing earlier gains fueled by President Donald Trump’s weekend proposal for a US strategic crypto reserve, as the broader market grapples with volatility sparked by U.S. President Donald Trump’s trade war threats.
China Responds to Trump’s Tariff Hike With 15% Duty on U.S. Imports
The total crypto market cap fell 11% to $2.77t, with Bitcoin dropping 9.8% to $83,694, Ether plunging 14% to $2,083 and XRP tumbling 16% to $2.30. Solana and Cardano suffered even steeper losses, each declining more than 20%.
The sell-off resulted in $1.08b in liquidations, affecting over 311,000 traders in the past 24 hours, CoinGlass data showed.
Profit Taking
Analysts at 10X Research suggested that the market may have overreacted, warning that an official legislative directive is likely months away. Instead of chasing hype, they viewed the rally as an opportunity to take profits.
Industry Voices Cast Doubt on Trump’s Plan, Calling It Risky and Misguided
Billionaire investors Cameron and Tyler Winklevoss, co-founders of Gemini, voiced similar concerns. In X posts, they stated that only Bitcoin meets the criteria as a legitimate reserve asset, casting doubt on the inclusion of other cryptocurrencies.
THORChain Sees Record $4.6B Volume After Bybit’s $1.4B Hack
THORChain processed $4.6 billion in swaps last week.
The Bybit hacker used the platform to swap and launder funds, per observers.
Outlook
Bitcoin and the broader crypto market will need strong inflows in the coming weeks to recover their bullish momentum. Analysts warn that much of this recovery will depend on macro factors, including the S&P 500’s performance and renewed institutional interest.
For now, Trump’s strategic reserve plan has introduced more questions than answers. Until there’s clear regulatory action, traders may remain cautious.
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