Bitcoin skids below $100k as Trump’s tariffs send cryptos into a tailspin – and just when you thought it couldn’t get any crazier!
In the latest rollercoaster of the cryptocurrency world, Bitcoin has taken a nosedive, slipping below the $100,000 mark for the first time in weeks. This plunge has rattled markets and left crypto investors sweating bullets, and you can thank President Trump’s newly announced tariffs for this joyride. With hefty tariffs impacting trade relationships with Canada, Mexico, and China, investors have begun to pull back from ‘riskier assets’. Bitcoin, which has never been shy about its volatility, has proven that even digital gold can feel the heat of international trade disputes.
No sooner had the hype settled around Bitcoin crossing the $100,000 milestone than it began a downward spiral. Investors got jittery as global trade tensions flared, leading to a sell-off that wiped out a staggering $200 billion from the broader cryptocurrency market. Ethereum didn’t fare any better, tumbling nearly 26% alongside Bitcoin. The situation is so dire that AMP, in a surprising twist, is now backing Bitcoin ETFs for its super investors. Talk about adding fuel to the fire!
It isn’t just traditional investors feeling the heat; even the latest crypto innovation is under pressure, with Australia’s Monochrome making headlines for launching its first Bitcoin and Ethereum ETFs in Singapore. While this presents a unique opportunity for institutions looking to enter the crypto space in a regulated manner, the timing couldn't be more interesting (or more challenging) with the market fluctuating wildly.
As the crypto trading gurus scramble to reassess their strategies amid these tumultuous times, many are wondering where the bottom will be. Some analysts suggest that Bitcoin must hold above key support levels to prevent further catastrophic declines. Meanwhile, traders are hoping for a swift recovery fueled by renewed confidence in the long-term viability of cryptocurrencies amid these chaotic global events.
Did you know that before its recent fall, Bitcoin had once flirted with the $100,000 mark earlier this month? It’s all dramatic stuff, especially as cryptocurrencies have been adopted more widely in mainstream finance. Besides that, reports show that liquidations reached an alarming $2.3 billion, which highlights just how intense Saturday night’s sell-off really was. Clearly, when you mix politics with crypto, the result can be quite explosive!
Singapore is opening its doors to Australian crypto ETFs as institutions eye a regulated entry into a turbulent crypto market.
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