tl;dr
Bitcoin's price declined following US President Trump's announcement of a 50% tariff on the European Union, with BTC dropping below $107,000 after reaching a peak of $112,000 earlier in the week. The cryptocurrency market saw significant losses, with over $100 billion exiting altcoins, many of which...
Bitcoin surged to a new all-time high near $112,000 before tumbling below $107,000 following US tariff threats against the EU.
Altcoins experienced significant declines, with over $100 billion lost in market value and major coins like Ethereum and XRP dropping between 4% and 10%.
The overall crypto market capitalization fell to $3.53 trillion amid heightened volatility triggered by geopolitical trade tensions.
Bitcoin's price declined after US President Trump announced a 50% tariff on the European Union, pushing BTC below $107,000 after peaking at $112,000 earlier in the week.
The cryptocurrency market saw a massive exodus of over $100 billion in altcoins, many falling as much as 10%.
Ethereum slipped over 5% to $2,550, XRP dropped 4.4% to just above $2.3, and several altcoins recorded double-digit losses.
The total crypto market cap declined to $3.53 trillion, with Bitcoin’s market cap falling to $2.15 trillion while maintaining a dominant 61% market share over altcoins.
Bitcoin’s price action turned sharply negative after the tariff announcement, reversing gains made earlier in the week.
Starting the week volatile between $104,000 and $107,000, Bitcoin broke through resistance to reach nearly $110,000 and then climbed to the $112,000 peak on Pizza Day.
Despite retracing slightly to $111,000, the tariff threat triggered a swift drop below $107,500, with BTC recovering above $108,000 but still down over 2% for the day.
Bitcoin’s market cap dropped to $2.15 trillion, yet it retained steadfast dominance over altcoins at 61%.
Altcoins followed Bitcoin downward, with significant losses reaching up to 10% in coins such as DOGE, ADA, SUI, SHIB, LINK, and AVAX.
Ethereum’s sharp drop to $2,550 and XRP’s slide to just over $2.3 exemplify the broader market weakness.
Even steeper declines plagued coins like ENA, WIF, TIA, S, IP, and PEPE, all plunging by double digits.
The total crypto market shed over $100 billion within a day, settling at a $3.53 trillion valuation.