Follow Us on Google
The cryptocurrency market faced a turbulent week, shedding over $130 billion in market capitalisation as investors braced for the impact of President Donald Trump’s impending tariffs.
Dubbed “Liberation Day,” the tariffs, set to take effect this week, target a broad range of imported goods, fueling uncertainty across global markets.
Bitcoin (BTC) tumbled below the $82,000 threshold, trading at approximately $81,700 as of Monday morning—marking its seventh consecutive day of decline. Mounting concerns over the tariff policies and their ripple effects have driven a sustained downturn in BTC/USD. The sell-off in U.S. stock futures has further deepened the anxiety, amplifying bearish sentiment.
Despite the downward pressure, institutional investors continue to show confidence in Bitcoin, with inflows remaining steady. However, market analysts remain divided. While Stockmoney Lizards anticipates a local bottom between $80,000 and $82,000, veteran trader Peter Brandt warns of a bearish wedge breakdown that could drive BTC prices as low as $65,635.
The broader cryptocurrency market has not been spared. XRP suffered a dramatic 40% plunge from its multi-year high of $3.40, now consolidating around $2.19. Even positive news, such as the SEC dropping its case against Ripple, failed to stem the market-wide downturn. Analysts suggest that XRP remains in a consolidation phase, with key support at $1.77 and resistance at $3.21.
A breakout above $3.21 would be necessary to trigger a bullish reversal.
Other major cryptocurrencies have also faced steep declines over the past week: Ethereum (ETH) dropped 10.9%, Ripple (XRP) fell 15%, Solana (SOL) slid 10.1%, and Bitcoin (BTC) lost 5.9%.
The Kobeissi Letter reports that Trump’s tariffs will impact over $1.5 trillion worth of imports by the end of April, with speculation that additional hikes—potentially exceeding 20%—could be imposed across the board. The uncertainty surrounding these trade policies has injected fresh volatility into financial markets, with investors closely monitoring potential ramifications.
Despite the current bearish trend, some analysts remain cautiously optimistic, suggesting that a market rebound could be on the horizon. Bitcoin’s sustained institutional inflows and XRP’s ongoing consolidation hint at possible recoveries if key resistance levels are breached.
As April 2 approaches, global markets are on edge, awaiting the full impact of Trump’s tariff policies. The coming days will be crucial in determining whether the cryptocurrency market can withstand the storm or if further declines lie ahead.
