#TrumpTariffs The U.S. imposition of a 104% tariff on Chinese imports is seen as a major trigger for the current market sell-off and increased volatility.
Global Trade War: Escalating trade tensions are now considered key drivers of digital asset volatility.
Market Overview:
* The cryptocurrency market is experiencing significant **downtrading** and increased volatility.
* This downturn is largely attributed to escalating trade tensions, specifically the U.S. imposing a 104% tariff on Chinese imports.
* The global crypto market cap is around $2.43 trillion**.
* The Fear & Greed Index has plummeted, signaling "Extreme Fear" among investors.
* Trading volumes have seen a massive decline.
Bitcoin (BTC) Price:
* Bitcoin's price is currently trading near $76,800, down approximately 2.80% over the last 24 hours.
* It had earlier dropped to a low of around $74,600 before a slight recovery.
* Analysts suggest potential further drops towards the $73,000 mark.
*Whale activity on the Bitcoin network saw a spike recently, potentially contributing to a temporary price rebound.
Other Cryptocurrencies:
*Ethereum (ETH) has been heavily impacted, dipping below $1,400 for the first time since March 2023, marking a significant drop of around 13% in the past 24 hours. It's currently trading near $1,445.
*XRP has also seen a significant decline, down by about 8% and trading around $1.77.
*Solana (SOL), Cardano (ADA), and Dogecoin (DOGE) have also experienced substantial losses of around 7% in the last 24 hours.
*NEO's GAS token is a notable gainer today, surging by 38%, while NEO itself is up by 8%.
