Bitcoin, Ethereum Drop, Dogecoin Gains As Stocks Flounder On Trump's Auto Tariff Move: Analyst Sees Signs Of 'Renewed Interest' In BTC

Leading cryptocurrencies slacked on Wednesday as President Donald Trump imposed 25% levies on cars not manufactured in the U.S.

Cryptocurrency	Gains +/-	Price (Recorded at 8:45 p.m. ET)
Bitcoin BTC/USD	-0.64%	$87,177.14
Ethereum ETH/USD	-2.94%	$2,014.81
Dogecoin DOGE/USD	+1.08%	$0.1961

What Happened: Bitcoin rose to $88,292.16 early morning but failed to sustain the rally, plunging below $86,000 late afternoon.

Ethereum recorded a steeper decline, nearly 3%, in the last 24 hours. The second-largest cryptocurrency fell below $2,000 in the late afternoon but recouped some losses by evening.

Bitcoin's market dominance increased to 60.5% while Ethereum's share shrank by 1.91% over the last 24 hours. Dogecoin, meanwhile, recorded a healthy gain of 5%.

Cryptocurrency liquidations reached $268.44 million in the last 24 hours, with $186 million in bullish bets getting wiped out. A further $500 million in longs risked liquidation if Bitcoin dropped to $84,285.

Bitcoin's Open Interest fell 2.60% in the last 24 hours. Interestingly, despite the price dip, Ethereum's Open Interest rose 2.95%, suggesting the potential opening of new short positions.

More than 50% of derivatives traders on Binance were positioned long on Bitcoin, according to the Long/Short Ratio.

The market flipped back into "Fear" mode, according to the Crypto Fear and Greed Index.

Top Gainers (24-Hours)

Cryptocurrency	Gains +/-	Price (Recorded at 8:45 p.m. ET)
Maker (MKR)	+9.07%	$1,415.79
Curve DAO Token (CRV)	+8.74%	$0.5505
Zcash (ZEC)	+7.97%	$39.43

The global cryptocurrency market capitalization stood at $2.85 trillion, following a drop of 0.97% in the last 24 hours.

Stocks pulled back after two straight sessions of gains. The Dow Jones Industrial Average slid 132.71 points, or 0.31%, to close at 42,454.79. The S&P 500 fell 1.12%, ending at 5,712.20, while the tech-heavy Nasdaq Composite lost 2.04% to close at 17,899.01.

The sell-off occurred before Trump announced 25% tariffs on automobiles and certain automobile parts during a press conference. Shares of domestic automakers like General Motors Co. GM and Ford Motor Co. F plunged during the session.

See More: Best Cryptocurrency Scanners

Analyst Notes: Popular on-chain blockchain analytics firm CryptoQuant noticed that the Coinbase Premium Index was trending in positive territory, a potential sign of "renewed" interest in Bitcoin.

"Historically, a sustained positive Coinbase Premium has sometimes coincided with upward price momentum, as heightened demand from U.S. investors can bolster global market confidence," CryptoQuant added.

The Coinbase Premium Index is a measure of institutional whales' movement, with high values suggesting they might be accumulating BTC.

Is the Coinbase Premium Signaling a Bullish Shift for Bitcoin?

"The Coinbase Premium Index appears to be trending toward positive territory… heightened demand from U.S. investors can bolster global market confidence." – By @nino_trade

Full analysis ⤵️https://t.co/1sw0Qep5Hk pic.twitter.com/d2P6mzykLl
— CryptoQuant.com (@cryptoquant_com) March 26, 2025

Widely followed cryptocurrency analyst Ali Martinez highlighted that stablecoin reserves plateaued in 2025 after a sharp spike in late 2024 due to profit-taking.

"Now that reserves have plateaued, it looks like investors are sitting on the sidelines," Martinez remarked.

After #Bitcoin $BTC broke $70,000 in late 2024, stablecoin reserves jumped from $26 billion to $46 billion, signaling heavy profit-taking.

Now that reserves have plateaued, it looks like investors are sitting on the sidelines. pic.twitter.com/PRtOQnNq5x
— Ali (@ali_charts) March 26, 2025

Photo by Avi Rozen on Shutterstock

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