The cryptocurrency market cap dropped 2.80% in 24 hours to $2.54 trillion following President Donald Trump‘s sweeping tariff announcement, imposing a 145% duty on Chinese imports and a 10% universal tariff on most other goods.
| Cryptocurrency | Gains +/- | Price (Recorded at 9.47 p.m. ET) |
| Bitcoin BTC/USD | -3.34% | $79,672.33 |
| Ethereum ETH/USD | -6,13% | $1,532.89 |
| Dogecoin DOGE/USD | -1.35% | $0.1552 |
On Thursday, Trump signed legislation nullifying a revised Internal Revenue Service rule that had expanded the definition of “broker” to include decentralized cryptocurrency exchanges.
The rule, finalized during former President Joe Biden‘s administration, was criticized by the crypto industry as unworkable for DeFi platforms that lack visibility into user identities. This action fulfills part of Trump’s campaign promise to be a “crypto president.”
The Crypto Fear and Greed Index registered at 21, remaining in “Fear” territory for the second consecutive day, significantly down from November’s yearly high of 88.
Over $297.81 million in crypto positions were liquidated in the past 24 hours, affecting 101,191 traders. The largest single liquidation occurred on Binance’s ETH-USDT pair, worth $11.85 million, according to CoinGlass.
Top Gainers (24-Hours)
| Cryptocurrency | Gains +/- | Price (Recorded at 9.47 p.m. ET) |
| Onyxcoin (XCN) | +45.76% | $0.01741 |
| Curve DAO Token (CRV) | +13.16% | $0.5761 |
| Render (RENDER) | +6.42% | $3.54 |
Traditional markets reeled from Trump’s announcement of a temporary 10% universal tariff on most imports and a 145% duty on Chinese goods.
In Thursday's session, the S&P 500, tracked by SPDR S&P 500 SPY, closed at 5,268, down 3.46% after plunging over 4% earlier in the day. The Nasdaq-100, tracked by Invesco QQQ Trust QQQ, dropped 4.19% to 18,343.
Futures extended the slide Thursday night, with Nasdaq-100 futures falling 1.26% to 18,251.75, S&P 500 futures down 1.04% to 5,247.00, and Dow futures slipping 0.88% to 39,448.00.
Analyst Notes:
Analyst Michaël van de Poppe noted the correlation between Yuan strength and Ethereum performance, suggesting a Yuan bounce could improve conditions for altcoins. He added that a decline in Treasury yields and gold prices, alongside dollar weakness, would create favorable conditions for the crypto market.
Popular on-chain analytics firm, Santiment, reported 132 new wallets holding 10+ BTC in the past day, indicating “a higher level of confidence from crypto’s key stakeholders” following Trump’s tariff announcement.
Technical analyst Ali Martinez warned of several bearish signals on Bitcoin’s chart, including a recent death cross formation and the SuperTrend indicator showing a “Sell” signal. Martinez identified key resistance levels at $82,500 (monthly open), the descending trendline from all-time high around $84,000, and moving averages at $85,800 (50-day) and $87,000 (200-day), suggesting significant technical barriers to overcome.
Traders now await Friday’s March producer price inflation data and earnings reports from JPMorgan Chase & Co. and Wells Fargo & Co., which could further influence market sentiment.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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