The cryptocurrency market is facing intense pressure, dropping 7.48% in capitalization. We explore the reasons behind the downturn and potential future scenarios.
Trump’s Tax Plans Shake the Crypto Market
U.S. President Donald Trump announced a 25% import tax on products from Canada and Mexico, reducing risk appetite in global markets, significantly impacting the cryptocurrency sector.
How Low Can Bitcoin and Ethereum Go?
Market analysts warn of further decline risks, particularly among major altcoins. Binance's sales are crucial for market direction. If Ethereum loses support at $2,381, it could fall to the $1,800–$2,100 range. Bitcoin might test the $85,000 level, and failing this could lead to deeper losses.
Is the Bull Run Over for Cryptocurrencies?
Some experts suggest this drop may be a healthy correction with potential for further gains. They argue Bitcoin’s long-term upward trend remains intact, and institutional interest could facilitate recovery.
Current volatility in the crypto market stems from global economic changes and actions of major exchanges. Institutional interest is noteworthy, but persistent unfavorable economic conditions may continue to hinder recovery.
