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The crypto market faced a sharp downturn on Friday as renewed geopolitical tensions and upcoming macroeconomic events rattled investor sentiment. Dogecoin (DOGE) led losses with a 7% drop, followed by XRP and Ethereum (ETH), which each declined over 5% during early Asian trading hours. In contrast, Toncoin (TON) defied the trend, gaining 5% amid the broader selloff.

The CoinDesk 20 Index slid by 4.5%, reflecting widespread risk aversion as markets reacted to U.S. President Donald Trump's renewed tariff threats targeting Canada and the European Union. Canadian Prime Minister Mark Carney signaled a strategic pivot away from U.S. trade reliance, adding fuel to global market uncertainty.

$12.2B Bitcoin Options Expiry Sparks Market Volatility Fears

Adding to the turbulence, over $12.2 billion in Bitcoin options are set to expire today. The max pain point—the price level where the most options expire worthless—is at $85,000, raising expectations for heightened Bitcoin price volatility.

“Spot is trading sideways and open interest continues to bleed lower,” said Singapore-based QCP Capital in a Telegram note. “With the PCE Index data due tomorrow, any short-term upside appears limited as markets brace for Trump’s next move in the escalating trade war.”