Leading cryptocurrencies dived further on Tuesday as U.S.-China trade war fears fueled downside volatility.
| Cryptocurrency | Gains +/- | Price (Recorded at 8:30 p.m. ET) |
| Bitcoin BTC/USD | -3.32% | $76,504.63 |
| Ethereum ETH/USD | -5.16% | $1,469.57 |
| Dogecoin DOGE/USD | -4.11% | $0.1427 |
What Happened: Bitcoin rose to $80,000 in the early trading hours but reversed course later, plunging below $76,000 overnight.
Ethereum's short-lived rally also fizzled out, as the second-largest cryptocurrency dipped to an intraday low of $1,427.05.
Bitcoin's dominance grew further to 62.7%, while Ethereum's market share shrank to 7.2%, less than half of what it was a year ago.
The slump triggered a liquidation of $271 million in long positions. That said, over $950 million in shorts for the BTC/USDT pair on Binance risk liquidation if Bitcoin rebounds to $80,000.
Bitcoin’s Open Interest decreased 2.08% in the last 24 hours and more than 16% from its late March highs when the apex cryptocurrency surpassed $87,000.
Moreover, Bitcoin's Long/Short ratio fell sharply in the last 24 hours, suggesting that the majority of the traders were betting on BTC's price decline
The prevailing market sentiment was one of "Extreme Fear," according to the Crypto Fear and Greed Index.
Top Gainers (24-Hours)
| Cryptocurrency | Gains +/- | Price (Recorded at 10:00 p.m. ET) |
| Core (CORE) | 10.18% | $0.4643 |
| KuCoin Token (KCS) | 3.91% | $9.22 |
| Zcash (ZEC) | 2.32% | $35.43 |
The global cryptocurrency market capitalization stood at $2.48 trillion, following a drop of 0.11% in the last 24 hours.
The stock rebound lost steam following President Donald Trump's imposition of a 104% tariff on China. The Dow Jones Industrial Average tumbled 320.01 points, or 0.84%, to end at 37,645.59. The S&P 500 slid 1.57%, ending at 4,982.77. The tech-heavy Nasdaq Composite tanked 2.15% to close at 15,267.91.
The reversal followed the White House’s confirmation that Trump’s retaliatory 104% tariff on Chinese imports would be effective after midnight.
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Analyst Notes: In a note shared with Benzinga, analysts at cryptocurrency payment company B2BINPAY said, "Tariff policy that recently came into action significantly impacted global markets, and this is the reason why Bitcoin has fallen below the $81,500–82,000 level, which was crucial for maintaining its past momentum."
That said, assertions such as the one by JPMorgan analysts that Bitcoin's "digital gold" narrative was in danger haven't positively influenced gold's price, B2BINPAY said, as even the yellow metal has retreated from its highs.
Popular on-chain analytics firm Santiment drew attention to the "opportunity zones" for altcoins.
"As tariffs have wreaked havoc on the crypto sector, the MVRV Divergence model shows that assets have racked up heavy enough realized losses to justify dip buys," Santiment stated. "If and when a global tariff solution is reached, it would undoubtedly trigger a very rapid cryptocurrency recovery."
Photo by CMP_NZ on Shutterstock
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