The total crypto market cap (TOTAL) and Bitcoin (BTC) are facing sharp declines courtesy of US President Trump’s reciprocal tariffs coming into effect. TOTAL lost nearly $100 billion, and EOS emerged as the biggest loser after noting a 13% drop.
In the news today:-
- The US DOJ announced it will stop investigating and charging crypto exchanges, mixers, and offline wallets. This move has sparked mixed reactions, with some celebrating the potential for business freedom while others express concern over the increased risk of fraud and money laundering.
- A report reveals that four of the worst-performing ETFs in the UK for Q1 2025 were crypto and blockchain-related, tracking broader market indicators. The downturn is also attributed to fears of global recession, suggesting a less optimistic outlook for these ETFs in the near future.
The Crypto Market Suffers
The total crypto market cap dropped by $97 billion recently, pushing it further below $2.41 trillion during the intra-day lows. As of now, the market cap stands at $2.37 trillion. This decline has been attributed to broader market negativity.
The overall downturn in the crypto market can largely be tied to the bearish market environment driven by US President Trump’s recent reciprocal tariffs. Should these negative conditions persist, the total market cap could slip further to $2.30 trillion, causing continued losses for crypto investors.
However, if the broader market sentiment shifts and conditions improve, the crypto market cap could reclaim the $2.41 trillion mark. This would signal a potential recovery, bringing the total market cap up to $2.50 trillion, providing hope for a rebound.
Bitcoin Falls To 5-Month Low
Bitcoin’s price hit a 5-month low today, falling below the $75,000 support level before briefly recovering to $75,824. The drop to $75,000 has extended the bearish trend, sparking concerns about further declines in the coming days. Bitcoin’s struggles to maintain key support levels raise concerns among investors.
If Bitcoin continues its downward trend, it could drop to the $74,000 support level or even lower. A decline to this level could trigger further losses, potentially bringing BTC down to around $71,529. Such a move would increase bearish sentiment and could lead to deeper losses for holders.
To invalidate the current bearish outlook, Bitcoin would need to reclaim and hold above the $78,530 mark. If this level is successfully flipped into support, Bitcoin could see a bounce, potentially pushing the price back above $80,000.
EOS Registers Sharp Losses
EOS price has dropped by nearly 13%, making it one of the worst-performing tokens of the day. Currently trading at $0.66, the altcoin faces increased vulnerability to further correction. The ongoing bearish trend has affected investor sentiment, leading to a cautious outlook on the price of EOS in the near term.
If the bearish trend continues, EOS could fall further to test the $0.61 support level. This potential decline is fueled by broader market uncertainty and increased selling activity from investors. As a result, EOS may continue its downward trajectory unless a reversal in sentiment takes place soon.
Despite the recent decline, EOS is nearing the $0.68 resistance level. If the price successfully flips this resistance into support, it could trigger a recovery. With positive momentum, EOS could rise back up to $0.76, challenging recent losses and invalidating the bearish outlook.
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