The total crypto market cap (TOTAL) and Bitcoin (BTC) witnessed the impact of US President Trump’s Liberation Day Tariffs. Interestingly, the OFFICIAL TRUMP (TRUMP) token emerged as the worst performer of the day, falling by 10%.
In the news today:-
- Donald Trump announced reciprocal tariffs for Liberation Day, reducing existing tariffs by half and imposing a 10% minimum on all imports. The move caused a decline in both stock and crypto markets.
- Grayscale is launching two Bitcoin-focused ETFs, Covered Call and Premium Income, offering different risk-return structures. Covered Call is a safer bet, while Premium Income involves riskier trades with higher upside potential, reflecting the firm’s expanded offerings under the new SEC.
The Crypto Market Loses Again
The total crypto market cap fell by $64 billion in the last 24 hours, standing at $2.64 trillion. The bearish impact of Trump’s Liberation Day Tariffs coincided with this decline, reflecting the negative sentiment in the broader market. These tariffs have directly affected crypto assets and market stability.
Despite the decline, TOTAL held above the critical $2.61 trillion support. If the bearish momentum continues, a further drop could lead the market cap to test the next key support at $2.50 trillion. Ongoing selling pressure could lead to extended losses for the broader crypto market.
If market conditions improve, the crypto market cap could recover and push above $2.74 trillion. This would be a positive sign, indicating potential growth and stability.
Bitcoin Nearly Made It To $89,000
Bitcoin’s price has been relatively stable, holding above the support level of $82,503. The cryptocurrency came close to breaching $89,000 during the intra-day high but ultimately fell short, reflecting the market’s hesitation. The price remains caught in a range, awaiting clear direction from broader market conditions.
The most likely scenario for Bitcoin is continued consolidation beneath $86,822, a level it has struggled to breach. If Bitcoin loses its support at $82,503, the price could drop further to $80,000. The Relative Strength Index (RSI) stuck below the neutral line in the bearish zone backs this outcome.
However, if Bitcoin successfully flips $85,000 into a support level, the price could experience a breakout. This would allow BTC to rise above $86,822 and push toward the next resistance at $89,800, potentially signaling a return to bullish momentum for the crypto king.
OFFICIAL TRUMP Takes A Hit
TRUMP price experienced a 10% decline, trading at $9.33 at the time of writing. The drop marked a 3-month low, with the price touching $8.97 during the intra-day low. This reflects investor sentiment following recent market developments, particularly the reaction to the Liberation Day tariffs.
The negative reaction from TRUMP supporters toward the new tariffs likely contributed to the altcoin’s downturn. As sentiment weakened, many investors pulled their funds, accelerating the price decline. If the bearish trend continues, TRUMP could fall further, potentially reaching the $8.00 support level in the coming days.
To reverse the current bearish trend, TRUMP needs to reclaim $10.29 as support. If the price successfully rises above this level and reaches $12.57, it would signal a shift in momentum. This would invalidate the bearish outlook and help prevent further consolidation.
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