Current Crypto Market Struggles

The crypto market is experiencing a downturn as traders react to tariff changes and Trump’s Bitcoin Reserve order.

Market Decline

• Bitcoin has dropped 4.8% to $81,729.
• Ethereum fell 8% to around $2,000.
• Dogecoin is the largest loser among the top 10 cryptocurrencies, sliding 13% to $0.16.

Despite the buzz around Trump’s Executive Order to create a Strategic Bitcoin Reserve, the market’s response has been negative. Analysts at QCP suggest this is due to the lack of an actual budget allocated for Bitcoin purchases, leading to investor uncertainty.

Liquidation Impact

The current scenario has triggered massive liquidations, with Bitcoin, Ethereum, and XRP leading the sell-off.
– Total liquidations surpassed $334 million in the last 24 hours, affecting over 109,704 traders.
– Bitcoin saw $186.35 million in liquidations, with long traders losing $123.21 million.
– Ethereum recorded $40.84 million and XRP had $7.3 million in losses.

Other altcoins such as Solana (SOL), Cardano (ADA), Dogecoin (DOGE), Sui (SUI), and Litecoin (LTC) also faced significant sell-offs.

Key Cryptos Struggle

Bitcoin’s value has decreased by 3% in the last 24 hours, now trading at $86,409. Despite a 1.9% increase in the last week, the overall market sentiment remains weak, with trading volume down by 24.63%.
– Ethereum is struggling to maintain key support above $2,000. Analyst Ali Martinez warned that a drop below $2,114 could lead to a test of $1,250 in the coming weeks.
– XRP is down 7.31% in the last 24 hours, currently at $2.36.

Crypto Reserve Plan Resistance

Trump’s proposal to include ADA, XRP, and SOL in the U.S. Strategic Reserve has faced pushback. Industry leaders, including Coinbase CEO Brian Armstrong and Real Vision’s Raoul Pal, argue that Bitcoin should remain the primary reserve asset.