The crypto market is facing another downturn, with Bitcoin (BTC) dropping to around $87,000 and Ethereum (ETH) hitting $2,400. Altcoins are also down by 5-8%. So, what’s driving this dump? Here are the key reasons:
Trade War and Macro Pressure: Trump’s new 25% tariffs on autos and goods have rattled risk-on assets. Crypto, being highly volatile, is feeling the heat as global uncertainty pushes investors toward cash.
Overleveraged Liquidations: The futures market is seeing heavy liquidations—around $48M for BTC and $43M for ETH in the last 24 hours. This creates a cascade effect, amplifying the sell-off.
Technical Weakness: BTC breached its key support at $90K, signaling bearish momentum. Sentiment on X reflects negativity, with traders citing tariff news and Fed rate hike fears.
Bybit Hack Fallout: The $1.5B Bybit hack from February continues to dent confidence, subtly fueling selling pressure.
This dump could be short-lived, but worsening macro conditions might extend it. Manage your risk and stay updated with reliable sources.
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