⚡Bloodbath hits cryptocurrencies while global markets sleep⚡
- The cryptocurrency market turned red over the weekend, with currencies $DOGE , $ADA , and $XRP dropping more than 7% each, as profit-taking began after a strong week.
- Bitcoin fell from a daily high of $111,200 to just over $107,000 on Friday, causing a quick shift in sentiment.
- This decline came as President Donald Trump revived fears of a tariff war with the European Union, threatening to impose a 50% tariff while stating that talks "are going nowhere".
- The market capitalization lost 5%, and the broad CoinDesk 20 index, which tracks the largest cryptocurrencies, fell by 2.2% as traders moved to secure profits amid increasing volatility.
- This move comes despite Bitcoin hitting new record levels of $111,500 just days earlier, supported by ETFs, stablecoin legislation, and institutional buying boosting its rise.
- However, those same tailwinds did not keep alternative coins on their feet in the short term.
