This week, the cryptocurrency market experienced a worrying situation for participants. Bitcoin (BTC) and altcoins plummeted significantly, influenced by macroeconomic developments in global markets. The cryptocurrency market was directly affected by the new tariffs announced by Donald Trump, which raised concerns for investors.
President Donald Trump announced new tariffs for Mexico, Canada, and China this week. This development heightened fears of a global trade war and had a negative impact on the markets. Bitcoin fell to around $95,000, while altcoins also suffered significant devaluation. Although Trump later announced a 30-day suspension of the new tariffs for Mexico and Canada, the market has not yet recovered, leaving investors worried about potential further declines.
Following the tariffs, Trump stated that reciprocal tariffs would be announced the following week. Experts are warning that these actions could escalate the trade war even further.
Throughout the week, Bitcoin saw a decline of about 3%, trading around $97,000. Ethereum (ETH) dropped 14%, falling to $2,600. XRP also experienced a significant loss, dropping 14% in just one day and is expected to close the week below $3. However, the increasing activity of whales has brought some optimism among certain investors.
Recent data shows that XRP whales purchased 520 million coins during this downturn, while ETH whales continued their buying spree. Additionally, there has been a surge in whale activity in meme coins like PEPE and WIF.