The prices of Bitcoin and other cryptocurrencies have dramatically decreased, mirroring a steep drop in stock values following Donald Trump’s so-called Liberation Day, which introduced global tariffs that might lead to a “crisis scenario.”
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The price of Bitcoin has dropped below $77,000, representing a decline of over 10% from its peak of nearly $90,000 just a week ago. Furthermore, Ethereum, XRP, Solana, Dogecoin, and several other prominent cryptocurrencies have experienced even steeper declines, contributing to a total loss of $1.3 trillion from the overall crypto market since January.
As Wall Street prepares for a significant legislative shift concerning cryptocurrency, traders are apprehensive about whether this rapid Bitcoin price adjustment could lead to a wider market crash.
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Bitcoin and crypto values have continued to drop alongside stock markets as traders express concerns about the implications of … More
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“Bitcoin has recently breached the significant support level of $79,000 to $80,000 that it had sustained for the previous month,” stated Charlie Sherry, head of finance and crypto analyst at BTC Markets, in an email.
“This level had identified the low point following the all-time high retracement. The next critical support is around $72,000, which reflects the pre-election peak.”
Over the past 24 hours, the decline in Bitcoin price has been outpaced by 15% reductions in Ethereum, XRP, Solana, and Dogecoin.
“Often, Sunday movements in crypto can indicate stock trends for Monday. If this holds true, Monday might not look good,” Geoffrey Kendrick, Standard Chartered Bank’s head of crypto, mentioned in an email.
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The Bitcoin price has sharply declined from its January highs, adversely affecting the prices of Ethereum, XRP, … More
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In the future, Sherry identifies “a possible change in Trump’s approach or timely intervention by the Federal Reserve” as potential factors that could enable Bitcoin to reclaim values above $80,000.
Last week, traders increased their speculation that the Fed might need to lower interest rates to prevent a recession in the U.S.—a move that could lead to a significant influx of dollars into the market.
