Today, the crypto market took a significant hit due to trade tensions caused by Trump’s tariffs and inflation fears, resulting in over $500 million liquidations.
Current Situation in the Crypto Market
Amidst trade disputes and inflation, investors and traders faced considerable impacts, dropping the Fear & Greed Index to a fearful score of 24. However, positive news came from the U.S. with the passing of the STABLE ACT, encouraging American banks to explore stablecoin usage.
Pressure on Bitcoin
Bitcoin's price today has dropped by 0.89% to $83,539.01. BTC is struggling to maintain support despite an 86.71% surge in trading volume to $53.42 billion. Positive news includes Grayscale launching 2 Bitcoin ETFs on the NYSE.
Altcoin Prices Today
Ethereum followed Bitcoin’s step, slipping by 1.59% to $1,831.58. XRP and Solana also registered declines of 0.80% and 3.38%, respectively, reflecting broader market concerns over economic instability and aggressive sell-offs.
The cryptocurrency market continues to face pressures from external economic factors, but legislative initiatives being undertaken may support it in the long run.
