After Trump's latest tariff threat, the cryptocurrency market has evaporated over $100 billion (Weekend Observation)

After U.S. President Trump suggested a 50% blanket tariff on the EU, Bitcoin's price trend sharply deteriorated yesterday. Altcoins also significantly shrank daily, with over $100 billion in funds flowing out during this period.

BTC fell below $107,000

Overall, it has been a very good week for mainstream cryptocurrencies, arguably even a historic one. Bitcoin started off with high volatility, soaring twice from $104,000 to $107,000 on Sunday and Monday, but then faced resistance and dropped significantly.

However, the bulls continued to apply pressure and eventually broke through this ceiling on Wednesday. Additionally, Bitcoin's price surged, breaking the historical high of $109,100 from January and setting a new high close to $110,000.

Bitcoin immediately faced resistance there, dropping to $106,500, but this was only temporary. In the following hours, Bitcoin began another round of impressive increases, reaching a new high of $112,000 on 'Pizza Day.'

On Friday, Bitcoin's price slightly retreated to $111,000 but maintained around that level until the U.S. President suggested a new round of tariffs on the EU starting June 1. Within minutes, BTC's price fell below $107,500, then rebounded, and once again fell below $107,000.

Currently, the coin price has rebounded, surpassing $108,000, but is still down over 2% for the day. Its market cap has dropped to $2.15 trillion, but its dominance over altcoins on the CG platform remains as high as 61%.

Altcoins also followed BTC downward, with Dogecoin (DOGE), Cardano (ADA), Swiss Franc (SUI), SHIB, LINK, and AVAX experiencing declines of up to 10%. Ethereum fell more than 5%, currently at $2,550. Ripple (XRP) has dropped to just over $2.30 after a daily decline of 4.4%.

The price drops for ENA, WIF, TIA, S, IP, and PEPE are even more pronounced, all experiencing double-digit declines.

Since yesterday, the entire cryptocurrency market has lost over $100 billion, currently down to $3.530 trillion.