It has been a highly eventful and challenging week for the cryptocurrency markets following our previous update last Friday. At that point, Bitcoin (BTC) had slightly dipped from its all-time high of over $120,000 but remained resilient. However, the market was rocked when President Trump announced new tariffs against China, suggesting that the latter had been deceptive. This triggered a significant drop in Bitcoin’s price, plunging it below $117,000 and causing widespread liquidations.

The aftermath saw a staggering $19 billion evaporate from the market, with Bitcoin crashing to around $101,000 at some exchanges. Altcoins suffered even harsher losses, hitting points as low as 99% in extreme cases.

As the weekend progressed, reports of reduced tensions between the U.S. and China allowed Bitcoin to rally momentarily, reaching $116,000 mid-week, only to face a rejection. Bitcoin’s support held initially at $110,000 but ultimately succumbed to bearish pressure, dropping further when Trump met with Russia’s Putin, resulting in a drop to $108,500.

This past Friday marked another critical downturn for Bitcoin, which slipped below $104,000, leaving its weekly loss at over 13%. In contrast, altcoins like DOGE and ADA reported staggering declines of 27% and 25%, respectively.

Market Data

Market Cap: $3.650T | 24H Vol: $273B | BTC Dominance: 57.3%

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