The global cryptocurrency market has suffered a sharp decline today, losing $186 billion since yesterday's peak. At the time of this writing, the total market capitalization stands at $3.35 trillion, a decrease of 3.15% in the last 24 hours. Major cryptocurrencies are in the red, with Dogecoin suffering the most impact among the top 10.
According to data from CoinMarketCap, Bitcoin is currently trading at $103,587, a decrease of 2.38% in one day and 4.3% in a week. Trading volume has also dropped by 3.4%, to $56.34 billion.
At the same time, Ethereum is trading at $2,513, representing a decline of 4.91% in the last 24 hours. XRP and BNB have also experienced notable drops of 3.9% and 3.03%, respectively, over the past day. While XRP is trading at $2.12, BNB is at $653.50. Dogecoin has experienced a massive drop of nearly 10% in the last 24 hours, currently trading at $0.1884. It is noteworthy that the cryptocurrency's price fell today, marking a significant shift in the recent upward trend.
The drop in cryptocurrency prices today is mainly due to several reasons, including Trump's tariff policies and recent PCE inflation data. Yesterday, President Donald Trump shared a post on Truth Social, claiming that China has violated the trade agreement with the U.S. His post stated: 'China, although perhaps not surprising to some, has completely violated its agreement with the U.S. Goodbye to its good guy attitude!'
This statement has significantly shaken the cryptocurrency and stock markets. Although BTC rose to $106,000 after the announcement, it soon fell to $104,000, currently reaching $103,000.
Furthermore, the latest PCE report, which was favorable, has not been enough to change perceptions. This keeps speculation about interest rate cuts by the Federal Reserve in June very low. Polymarket predicts with almost total certainty that there will be no interest rate cuts on June 18, with a probability of 96%.
In addition, a massive options expiration added to market woes. $12.1 billion in Bitcoin options and $2.13 billion in ETH options expired on Wednesday, generating volatility as traders repositioned their portfolios.
