Bitcoin leads crypto decline as U.S.-China trade tensions spark global risk aversion
Altcoin losses deepen amid leverage unwinds and Bitcoin-dominant market sentiment
Despite price drop, market sentiment holds in “Greed” zone with strong trading volume
The cryptocurrency market experienced a notable dip on May 29, driven by a mix of geopolitical tension, technical weaknesses, and investor anxiety. The downturn began during late U.S. trading hours, following remarks by U.S. Treasury Secretary Scott Bessent, which confirmed a stall in trade discussions with China.
This development triggered a risk-off sentiment across global financial markets, spilling over into digital assets. As a result, major cryptocurrencies recorded significant price declines, with Bitcoin leading the sell-off.
Bitcoin Slides as Trade Talks Stall
Bitcoin, the market’s flagship cryptocurrency, fell by 2.78%, settling around $105,575.53. The decline came shortly after renewed concerns about the U.S.-China trade relationship.
Bessent’s comments highlighted the need for direct talks between leaders, which signaled that a resolution was not imminent. Consequently, investors reac…
The post Why the Crypto Market is Down Today: Trade Fears, Liquidations, and Technical Weakness appeared first on Coin Edition.
