Bitcoin's market capitalization has decreased to $1.825 trillion, while its market dominance is recorded at 61.25%. The trading volume for the cryptocurrency over the past 24 hours has increased significantly by 144.5%, totaling $51.42 billion. Of this volume, stablecoins constituted $134.24 billion, representing 94.16%, according to #CoinMarketCap .
Blue-chip cryptocurrencies, such as #bitcoin , #Ethereum , #Xrp🔥🔥 , and #solana , experienced a decline on Tuesday due to apprehensions regarding potential U.S. investment limitations concerning China.
As of 1:04 PM IST, Bitcoin experienced a decline of 5.4%, bringing its value to $89,626. Ethereum saw a more significant drop of 7.7%, now priced at $2,498. Over the past 24 hours, the global cryptocurrency market capitalization has decreased by 4.7%, totaling $2.98 trillion.
Investor confidence has diminished following remarks from U.S. President Donald Trump, who stated that tariffs on Canada and Mexico are "on time and on schedule," in addition to his decision to limit Chinese investments in critical sectors. Furthermore, disappointing U.S. economic indicators, such as weak retail sales, declining consumer confidence, and softer reports from the manufacturing and services sectors, have contributed to a decline in market confidence, exerting pressure on the U.S. dollar.
"Global markets have responded sharply to Trump's 25% tariffs on Canada and Mexico, which have affected the cryptocurrency sector. Concerns regarding inflation and trade disruptions are prompting short-term sell-offs; however, investors should pay attention to the reactions of neighboring countries," remarked Edul Patel, CEO and co-founder of Mudrex.
"Bitcoin has found support around $91,000, while alternative cryptocurrencies such as Ethereum, XRP, and Solana have suffered more substantial losses. Resistance is noted at $96,000, which may present opportunities as Bitcoin begins its recovery," Patel further stated.
Avinash Shekhar, Co-Founder & CEO of Pi42, commented, "Trump's tariff threats directed at Mexico and Canada have incited panic, resulting in a loss of $230 billion from the cryptocurrency market."
Significant declines were also observed among major altcoins, with XRP down 9%, BNB decreasing by 7%, Solana plummeting by 15.5%, and Dogecoin falling by 12.7%. Other cryptocurrencies, including Cardano, Chainlink, Tron, Sui, Avalanche, Stellar, Litecoin, Shiba Inu, and Hedera, recorded losses ranging from 6% to 17%.
"Altcoins continue to face pressure, with BNB, XRP, and Ethereum down between 6% and 10%, while Solana has dropped 13% due to a slowdown in on-chain activity. Maintaining Bitcoin above $92,000 is essential for market stability, with $90,000 representing a critical downside target if the weakness persists," stated Vikram Subburaj, CEO of Giottus.