Here’s a breakdown of the crypto market from last week:
Bitcoin Sparked Green Despite Trump’s New Tariff
After touching the hem of $70K’s garment two weeks ago, Bitcoin went back to around $68K almost immediately and has remained there for some time. The major highlight was that over $730 billion was wiped out of the entire crypto market — the worst since the brutal 2022 bear market. But while Bitcoin is still testing new resistance levels, on-chain data shows that large wallets have slowly started buying BTC again. That means President Trump’s new 10% tariff wasn’t enough to discourage investors this time, especially after the Supreme Court called these levies illegal.
The result is that the market turned green for a moment, with Bitcoin and major altcoins seeing decent gains between Friday and Saturday. Within that 24-hour window, Bitcoin gained a little over 2%, while Ethereum (ETH), Ripple’s XRP, and Solana (SOL) went up by over 2%, 2.4%, and 3.5%, respectively. But the gains didn’t last for long, as a broader correction happened almost immediately, which reminded everyone of the market’s unpredictability.
The Market May Not Be Back Up
Despite the accumulation by large investors and the sharp green candles, last week ended on another low note. Some experts still anticipate a rebound, but a stronger bounce-back is more likely if the broader economic conditions become supportive for risk assets like cryptocurrencies and stocks.
Are we going to see the end of Trump’s trade wars and perhaps a rebound after the Supreme Court ruling? Well, Trump doesn’t seem like he’s backing down, but fingers crossed. And finally, last week was a reminder that the more the market changes, the more it remains the same. Everything happening literally feels like deja vu at this point 🤔.
Disclaimer: This content may cause extreme FOMO (Fear of Missing Out). Side effects of investing include sudden wealth (or, you know, the opposite 😢). Please do your own research (DYOR) or speak to your financial advisor before making any decisions.
