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The crypto market remained firmly in the red as it continued to grapple with market uncertainty and volatility following the introduction of heavy tariffs by President Donald Trump. As a result, Bitcoin (BTC) and Ethereum (ETH) experienced considerable declines.
BTC had rallied to $87,892 on Thursday but lost momentum and plunged to a low of $81,525 before recovering to its current level. The flagship cryptocurrency has been up marginally over the past 24 hours, although market sentiment remains bearish. Meanwhile, ETH reclaimed $1,800 after falling to a low of $1,757 but has struggled to push towards $1,900 and $2,000 as price action remains muted.
Price action for altcoins remained mixed, with Ripple (XRP) registering an increase of 1.50%, while Dogecoin (DOGE) registered a marginal increase and moved to $0.165. However, Solana (SOL) failed to reclaim $120, dropping over 1% and settling at $117. Cardano (ADA), Stellar (XLM)), Chainlink (LINK), Hedera (HBAR), Litecoin (LTC), and Polkadot (DOT) also registered substantial increases. However, Toncoin (TON) registered a significant decline, dropping almost 7% to $6.67.
Crypto Markets Reeling After Tariff Announcement
The crypto market remained bearish after Trump’s tariff announcement, as markets faced considerable volatility. Analysts have suggested short-term uncertainty but stated that BTC could become a hedge against inflation if the Dollar weakens in the face of continuous economic strain. Tariffs increase the cost of imported goods, leading to higher inflation, shifts in supply chains, and dramatic fluctuations in currency valuations. A stronger Dollar, driven by tariff-induced trade imbalances, could pressure crypto prices as investors flock to safer assets. Rick Maeda, Research Analyst at Presto Research, stated,
“Trump’s tariffs, jumping to 34% on China and 25% on cars from the 10% baseline levy, unnerved the global markets, and crypto was no exception. As a result, BTC sold off into the $82,000 zone while ETH dropped to $1,800.”
US crypto stocks also declined significantly on Thursday as fears of global trade tensions sparked a selloff of risk assets. Coinbase (COIN) plunged over 7%, while Strategy (MSTR) dropped 5.6%. MARA Holdings (MARA) registered a decline of 8.3%, while Riot Platforms (RIOT) fell almost 9%. The losses underscore the widespread fallout of Trump’s tariffs on multiple asset classes. The Trump administration has embraced crypto and adopted a lighter approach to regulation. However, broader economic stability could still impact crypto companies. Marcin Kazmierczak, Chief Operating Officer at blockchain firm RedStone, believes the decline in crypto indicates a growing correlation between digital assets and macroeconomic policy shifts.
“But protectionist policies that potentially weaken dollar hegemony could accelerate interest in decentralized alternatives over the medium-to-long term.”
However, other analysts stated the moves were less severe than in other industries. David Hernandez, Crypto investment specialist at 21Shares, stated,
“The price action highlights crypto’s hyper-democratic and borderless nature, allowing investors worldwide to hedge against the potential impact of macroeconomic uncertainties.”
World Looking For Crypto Regulation: Circle President
Former CFTC Chair and Circle President Heath Tarbert believes the world is looking to the US for crypto and stablecoin regulation before following suit. While several countries have created their regulatory frameworks, the US has lost ground thanks to the previous administration’s anti-crypto stance. However, Circle believes the US can still be a leader in crypto and stablecoin regulation. According to Heath, there was still time to achieve a regulatory framework and lead other countries.
“The rest of the world is yearning for US regulation. In discussions with European policymakers and others around the world, they’re saying, ‘When are you guys going to get your regulation done? Because we’re eager to see it, and we want to be able to grant reciprocity.”
Heath believes regulating stablecoins was pretty straightforward compared to regulating other, more complex digital assets. He also highlighted three key elements a stablecoin must have: a reputable issuer, safe, high-quality, liquid reserves backing everything, and transparency in the reserves. The statements come as the Senate and the House seek to tackle stablecoin regulation.
North Korea Emerges As The Biggest Crypto Thief
North Korea has emerged as the most prolific crypto thief, having stolen over $6 billion to fund its regime through several complex cyberattacks, including the $200 million WazirX hack and the over $1 billion Bybit hack. North Korea’s hacking exploits stretch back a decade, making it the most successful and dangerous crypto thief. The attacks are generally orchestrated through the dreaded Lazarus Group. The hermit nation was responsible for over 60% of all crypto thefts in 2024, helping the country fund its nuclear ambitions and drive its heavily sanctioned economy.
North Korean hackers employ sophisticated social engineering strategies to access sensitive systems. They often pretend to be staff or IT personnel and take advantage of employee social media profiles. Some hackers have also assumed fake identities and gained employment with targeted organizations.
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) has steadied itself around the $83,000-$84,000 despite President Trump’s tariff onslaught, which has broken the back of the stock market. However, the selloff in the equities market did not spill over into the crypto market, as demonstrated by BTC’s price action. However, while BTC has stabilized, it has done so only after a drop to an intraday low of $81,224 on Thursday. The flagship cryptocurrency is marginally up during the ongoing session as buyers look to prevent a decline below $80,000. Markets have been rattled after Trump unveiled sweeping tariffs with a baseline of 10%. However, some countries like China face higher tariffs, leading to growing fears of a trade war. Ben Kurland, CEO of crypto research platform DYOR, stated,
“Bitcoin moves at the intersection of narrative, liquidity, and leverage. Right now it’s mostly trading like a high-beta macro asset, tracking real yields, rate expectations, and Dollar strength. Yields pulled back, risk assets caught a bid, and Bitcoin responded instantly. It’s not about crypto fundamentals today, it’s about global liquidity signals and positioning. When real rates dip and the Dollar softens, bitcoin breathes.”
Analysts believe that despite the market downturn, analysts have shown considerable resilience relative to equities. David Hernandez, crypto investment specialist at 21Shares, stated,
“Although the tariff rates were slightly higher than expectations, the announcement provided much-needed clarity on the scope and scale of the policy. Markets thrive on certainty, and with speculation now largely removed, institutional investors may see an opportunity over the coming days to take advantage of compressed valuations.”
BTC started the previous week on a bullish note, registering a substantial increase on Monday. However, it lost momentum on Tuesday after running into selling pressure and volatility. As a result, it registered a marginal decline and settled at $87,417. Sellers retained control on Wednesday as the price registered a marginal decline, slipping below $87,000 and settling at $86,942. BTC registered a marginal increase Thursday to reclaim $87,000 and settle at $87,236. Bearish sentiment returned on Friday as BTC plunged over 3%, slipping below the 200-day SMA and $85,000 to settle at $84,422. The price declined on Saturday, falling below the 20-day SMA and settling at $82,704.
Source: TradingView
Price action remained bearish on Sunday as BTC registered a marginal decline and settled at $82,404. BTC faced volatility on Monday as buyers and sellers struggled to establish control. Buyers ultimately gained the upper hand as BTC registered a marginal increase and settled at $82,511. Bullish sentiment intensified on Tuesday as the price rose over 3% to move past the 20-day SMA and settle at $85,150. BTC surged to an intraday high of $88,624 on Wednesday in the runup to President Trump’s Liberation Day speech. However, it lost momentum and plunged over 3%, slipping below $85,000 and the 20-day SMA and settling at $82,535. BTC registered a marginal recovery on Thursday despite an overwhelming bearish settlement, registering an increase of 0.80% and settling at $83,199. The current session sees BTC up over 1% as it looks to move past the 20-day SMA and reclaim $85,000. The RSI is just under the neutral zone, while the MACD has a slight bullish bias, indicating buyers have the upper hand.
Ethereum (ETH) Price Analysis
Ethereum (ETH) had some good news after developers agreed to ship Pectra to the Ethereum mainnet on May 7. ETH registered a sharp decline following President Trump’s announcement on reciprocal tariffs on trading partners. However, analysts believe the selling pressure may not persist since most ETH short-term holders already sold their assets in March. Ethereum whales sold 380,000 ETH following Trump’s announcement, further stressing ETH. However, despite the decline, the Dormant Circulation Metric, which measures the total number of coins distributed daily based on the last time they changed addresses, revealed that most investors remained on the sidelines.
ETH’s drop triggered over $47 million in futures liquidations over the past 24 hours, according to data from CoinGlass. The total liquidated long and short positions accounted for $34 million and $13 million.
ETH started the previous week with an increase of almost 4%, rising above the 20-day SMA and $2,000 to settle at $2,082. However, it lost momentum on Tuesday, registering a marginal decline and settling at $2,068. Bearish sentiment intensified on Wednesday as ETH dropped almost 3% and settled at $2,010. Price action remained bearish as ETH registered a marginal drop on Thursday but remained above $2,000, settling at $2,003. Selling pressure intensified on Friday as ETH plunged below $2,000 and the 20-day SMA and settled at $1,897. Price action remained bearish over the weekend as ETH dropped almost 4% on Saturday and 1.14% on Sunday to settle at $1,807.
Source: TradingView
ETH started the current week on a bullish note, registering an increase of almost 1% on Monday and settling at $1,822. Bullish sentiment intensified on Tuesday as ETH rose nearly 5% to reclaim $1,900 and settle at $1,905. However, the price fell back in the red on Wednesday, dropping almost 6%, slipping below $1,800 and settling at $1,794. ETH recovered on Thursday despite overwhelming bearish sentiment, rising 1.23% and settling at $1,816. The current session sees ETH up almost 1% and trading at $1,831. Buyers will look to retain control and push ETH towards $2,000. However, if ETH turns bearish and slips below $1,800, it could drop to $1,500 before rebounding. A break below this level could see a drop to $1,000, a level last seen during the UST crash in 2022.
Solana (SOL) Price Analysis
Solana (SOL) is struggling to build momentum and reclaim $120 after seeing a substantial decline over the past few sessions. SOL started the previous week on a bullish note, rising over 6% on Monday and almost 2% on Tuesday to settle at $143. However, it lost momentum after reaching this level, dropping over 4% on Wednesday and settling at $137. The price registered a marginal increase on Thursday, rising 0.73% and settling at $138. Bearish sentiment returned on Friday as SOL dropped over 6%, slipping below the 20-day SMA and $130 and settling at $129. Price action remained bearish on Saturday as SOL dropped almost 4% and settled at $124. Despite the overwhelming bearish sentiment, SOL registered a marginal increase on Sunday to end the weekend positively.
Source: TradingView
SOL started the current week on a bearish note, registering a marginal drop on Monday. However, it recovered on Tuesday, registering an increase of 1.72% and settling at $124. SOL surged to an intraday high of $135 on Wednesday as markets rallied. However, it lost momentum after reaching this level and dropped over 7%, slipping below $120 and settling at $117. SOL remained in the red on Thursday, registering a marginal decline before recovering during the ongoing session. SOL is currently up 1.50% and trading at $118 as it looks to reclaim $120. However, a bearish MACD suggests sellers have the upper hand.
Ripple (XRP) Price Analysis
Ripple (XRP) moved past the 50-day at the beginning of last week, settling at $2.45 on Tuesday. However, price action turned bearish after it reached this level as buyers failed to move past $2.50. As a result, XRP registered a drop of over 4% on Wednesday, falling below the 50-day SMA and settling at $2.35. Price action remained bearish on Thursday as the price declined marginally to $2.34. Bearish sentiment intensified on Friday as XRP plunged almost 6%, falling below the 20-day SMA and settling at $2.20. Sellers retained control on Saturday as the price dropped over 3%, falling to a low of $2.06 before settling at $2.13.
Source: TradingView
XRP registered a marginal increase on Sunday despite overwhelming bearish sentiment to end the weekend positively. However, the price was back in the red on Monday, dropping over 2%, falling to a low of $2.02 before settling at $2.08. XRP recovered on Tuesday, registering an increase of 2.35%, and raced to an intraday high of $2.23 on Wednesday as bullish sentiment intensified. However, it lost momentum, dropped over 5%, and settled at $2.02. XRP plunged to an intraday low of $1.96 as sellers attempted to overwhelm a key support level. However, it rebounded from this level to register an increase of almost 2% to reclaim $2 and settle at $2.06. The current session sees XRP marginally up as buyers and sellers look to establish control. With bears having the upper hand, sellers will look to regain control and drive the price below $2.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
