Bitcoin, Ethereum, XRP, Dogecoin Explode Higher As Trump Hits Pause On Reciprocal Tariffs Benzinga
Source link ]]>
The price of Bitcoin (BTC) has blasted past the resistance level at $80,000 after US President Donald Trump announced a 90-day pause on his reciprocal tariff measures. The price of the coin has faced series of rejection at this point following the trade war escalation with China.
BTC Price Soar on Reciprocal Tariff Pause
At the time of writing, the price of Bitcoin was changing hands for $81,318.29, up by more than 6.18% in the past 24 hours. This rebound followed an earlier tease in which President Trump asked to buy the dip in hopes, a statement that proved speculative earlier today.
Like Bitcoin, top altcoins are also in a rebound mode, with Ethereum (ETH) skyrocketing 9.2% to $1,589.81. XRP rallied past the $2 resistance point after gaining 13.26% in 24 hours. Cardano, Solana, and Dogecoin have also staged impressive rebounds as of writing with gains of 10.2%, 12.83%, and 9.6%, respectively.
This is a developing story, please check back for updates!!
Godfrey Benjamin
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Bitcoin, Ethereum, XRP, Dogecoin Stay ‘Relatively Unharmed’ Despite China’s Reciprocal Tariffs’ Benzinga
Source link ]]>
Crypto analyst Titan of Crypto has provided a bearish outlook for the Bitcoin price, predicting it could drop below $60,000. This comes amid Donald Trump’s announcement of reciprocal tariffs, which could trigger this price crash.
Bitcoin Price Could Drop Below $60,000 If It Fails To Hold This Level
In an X post, Titan of Crypto warned that the Bitcoin price could drop below $60,000 if it fails to hold above $81,872. He remarked that BTC must hold within this range, stay above the 50-week Exponential Moving Average (EMA), and keep the weekly RSI above key support.
He warned that the flagship crypto could witness a deeper correction if it fails to hold above those levels. His accompanying chart showed that a drop below $60,000 could occur as part of this correction, with Bitcoin touching $58,500.
This bearish outlook for Bitcoin follows US President Donald Trump’s announcement of reciprocal tariffs on all countries. This move could spark this downtrend for BTC, especially as a global trade war heats up. The flagship crypto has already dropped from as high as $88,000 following this announcement and could soon lose the $80,000 range.
In the long term, Titan of Crypto believes the Bitcoin price could still rebound. He highlighted a Falling Wedge pattern, which was forming for the flagship crypto. The analyst remarked that over the next couple of months, the CPI and Core PCE will likely improve as Trueflation data shows inflation cooling off significantly. He then raised the possibility of this setting the stage for a “strong” BTC bounce by May.
Macro fundamentals continue to heavily impact Bitcoin’s price and the broader crypto market. A CoinGape market analysis highlighted the Nonfarm Payrolls (NFP) report and Fed Chair Jerome Powell’s speech as two key macroeconomic events to watch this week.
Bullish Scenario For BTC
Amid this persistent downtrend for the Bitcoin price, analysts are still providing bullish predictions for BTC. Crypto analyst Crypto Caesar stated that his bullish scenario for the BTC price is a rally to $120,000, which will mark a new all-time high (ATH) for the flagship crypto. He suggested that this price level would mark the top for BTC in this cycle.
Meanwhile, crypto analyst Trader Tradigrade asserted that the Bitcoin price is poised for the final surge. He remarked that a surge begins whenever BTC’s RSI breaks the ascending triangle. Interestingly, his accompanying chart showed that Bitcoin could reach as high as $650,000 on this final surge, although this looks likely to happen next year.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across several topics and niches. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover, a traveler and a part-time degen.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Inflows into spot Bitcoin ETFs have surged once again as investors chose to look past the Trump reciprocal tariffs. The net inflows across all US ETFs for Bitcoin stood at $220 million, recovering all of the early week selloff. It shows that markets have already factored in the impact of the Trump tariff, and institutional players see it as an opportune time to buy the lows.
Bitcoin ETF Inflows on the Rise Again
Following a poor start to the week with the first two days of net outflows, inflows in the spot Bitcoin ETFs have resumed once again, On Wednesday, April 2, the net inflows surged to $220 million with Fidelity’s FBTC and Ark Invest’s ARK dominating the flows at $119 million and $130 million respectively, as per data by Farside Investors.
On the other hand, BlackRock’s iShares Bitcoin Trust (IBIT) saw over $116 million in outflows. The market has been showing mixed responses to the current development with Trump tariffs turning out to be a “buy the news” event.
Institutional Bitcoin Demand on the Rise
Following a long period of volatility and BTC price fluctuations between $80,000-$90,000, institutions have once again started accumulating BTC. The total Bitcoin holdings of the top 75 publicly traded companies have reached 696,456 BTC, reflecting a strong institutional presence in the crypto market.
In the past week alone, eight of these firms increased their Bitcoin reserves, adding a total of 26,303 BTC. This surge in accumulation signals growing confidence among institutional investors in Bitcoin’s long-term value. Top Bitcoin holders like Michael Saylor’s Strategy, and Japan’s Metaplanet have been increasing their BTC stack over the past week.
BTC Price Action After Trump’s Reciprocal Tariffs
Soon after Trump’s reciprocal tariffs kicked in, Bitcoin price faced strong volatility, crashing from $88,000 all the way to $81,000, despite strong inflows in spot Bitcoin ETF. Also, the daily trading volume has shot up by 85% to $54 billion. As of press time, BTC price is trading at $83,394 with a market cap of $1.65 trillion.
Crypto analyst Ali Martinez has highlighted a key price range for Bitcoin, noting that the asset is currently trading between $86,900 and $84,800. According to Martinez, whichever side breaks first on the hourly chart could determine Bitcoin’s next major price movement.
Bhushan Akolkar
Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
US President Donald Trump announced reciprocal tariffs against every country with a trade relationship with the US.
Trump said the US would enact varying tariff percentages against each country based on the tariffs they impose on American goods.
The news led to a significant spike in volatility across major markets, including crypto, which saw the announcement wipe out the gains recorded from a significant rally earlier in the day.
Bitcoin (BTC) initially climbed to $88,500 as Trump took the stage but quickly crashed back to the daily opening price of around $85,100 before sliding again after the speech.
Based on CryptoSlate data, BTC remains in a downtrend and was trading at $84,382 as of press time, down 0.99% over the past 24 hours.
Legacy risk markets, including equities, saw similar volatility, while gold, considered a safe-haven asset, climbed back to its all-time high near $3,100.
The wider crypto market saw similar movements, with the vast majority of digital assets wiping the day’s gains to trade in the red.
Ethereum (ETH) was down 1.66% for the day and trading at $1,880 as of press time after climbing to $1,957 earlier in the day.
Solana (SOL) was down 1.59% for the day and trading at $128.3 as of press time, while BNB was down 2.16% and trading at $597 over the same period.
XRP was trading at $2.09, down 2.55%, while Dogecoin (DOGE) fell 2.45% to $0.1688.
Investors have been cautious about exposure to risk assets for several weeks due to the lack of clarity around Trump’s tariff plans.
While the initial reaction to the news has been negative for Bitcoin and equities, the resulting clarity around the tariffs could alleviate the market uncertainty that has held investors at bay.
Bitcoin Market Data
At the time of press 10:29 pm UTC on Apr. 2, 2025, Bitcoin is ranked #1 by market cap and the price is down 0.8% over the past 24 hours. Bitcoin has a market capitalization of $1.68 trillion with a 24-hour trading volume of $41.88 billion. Learn more about Bitcoin ›
Crypto Market Summary
At the time of press 10:29 pm UTC on Apr. 2, 2025, the total crypto market is valued at at $2.71 trillion with a 24-hour volume of $106.68 billion. Bitcoin dominance is currently at 61.89%. Learn more about the crypto market ›
Mentioned in this article
After a long wait, US President Donald Trump announced his reciprocal tariffs in his long-awaited speech, casting doubt on the next Bitcoin price. Determined to set trade policies for the benefit of the United States, President Trump said it is time for Tit-for-Tat tariff policies. This announcement has temporarily derailed the price of Bitcoin. The coin has now stalled from its short-term rally.
President Donald Trump Reciprocal Tariff, What to Expect
The Liberation Day’s impact on the crypto market has long been analyzed. Despite the previously announced tariffs on autos and other markets, President Trump said the tariffs will also expand to “nonmonetary” barriers like currency manipulation and “pollution havens.”
Besides this, in the President’s speech, countries like Cambodia may see charges of up to 49% on goods. China, India, and the European Union will face 34%, 26%, and 20% tariffs. Per the list of countries released by the Presidency, the U.S. government discounted its tariffs on the nations involved.
This is a breaking news, please check back for updates!!!
Godfrey Benjamin
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
US President Trump is set to impose ‘reciprocal tariffs’ next week on certain countries. This is significant considering the impact such a move could have on the crypto market, with a potential crash a possibility.
What Trump’s Reciprocal Tariffs Mean For The Crypto Market
According to a Bloomberg report, US President Donald Trump has revealed that he plans to unveil reciprocal tariffs next week in a move that could further escalate his trade war with the country’s allies.
The President has also suggested that he plans to implement a global tariff, which will especially target the European Union. These proposed moves from Trump have brought about economic uncertainty, which is negatively impacting the crypto market and could affect it further.
It is worth mentioning that the market crashed earlier this week amid Trump’s tariffs on Mexico, Canada, and China, with over $2 billion liquidated as Bitcoin, XRP, Dogecoin, Solana, and other major caps dropped. Although the market rebounded following an agreement between the US, Mexico, and China to pause these tariffs for one month, the proposed reciprocal tariffs have again sparked a bearish sentiment among traders.
The Bitcoin price continues to swing below and above $96,000, while the broader crypto market has also stagnated amid this economic uncertainty. Considering the current outlook in the market, prices could further crash as Trump announces these reciprocal tariffs next week.
Amid this development, the market continues to suffer millions of dollars in losses. Coinglass data shows that over $250 million has left the market in the last 24 hours, with both long and short traders taking a hit.
Whales Remain Bullish On The Market
Despite the crypto market still at risk of suffering a significant crash, crypto whales remain bullish and are using this downtrend as an opportunity to accumulate more coins.
In an X post, crypto analyst Ali Martinez revealed that these investors have withdrawn over 70,000 BTC from exchanges in the past week, signaling long-term confidence in the market.
As CoinGape reported, there is the possibility of the Bitcoin price dropping to $90,000. However, crypto experts remain bullish on the market and suggested that this was the perfect buying opportunity.
The Cardano founder Charles Hoskinson also recently asserted that 2025 is crypto’s year despite the recent crypto market crash. He alluded to how the market showed strength following the $2 billion liquidation event earlier this week.
Other Factors To Consider
Besides Donald Trump’s policies, there are certain factors which could impact the crypto market. One is the US Federal Reserve’s economic policies. At the moment, the Fed look to be hawskish and are tilting towards quantitative tightening rather than quantitative easing policies.
A positive for the market was the recent release of the US job data, which showed that growth in the US labor market is slowing. This is bullish for crypto as it could force the Fed to pivot.
However, the US Central Bank will need more than that to adopt a different stance, which is why the US CPI inflation data which will be released next week is one to keep an eye on. Signs of inflation cooling off is bullish and could convince the Fed about adopting a dovish stance towards the economic’s outlook.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
✓ Share: