Trump recently stated that not all tariffs would take effect on the April 2 deadline, with some exemptions likely for certain countries. However, he also introduced a new trade policy move—announcing secondary tariffs of 25% on nations purchasing oil or gas from Venezuela. This development has added uncertainty to global markets, including crypto.
As of 11:28 AM IST, Bitcoin was trading at $87,271, up 0.84% in the last 24 hours, while Ethereum gained 2.3% to trade at $2,047. The overall cryptocurrency market capitalization rose 0.93%, reaching $2.86 trillion.
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“Bitcoin is moving within a narrow range of $87,000 to $88,500, while Ethereum is following a similar pattern, attempting to reclaim the $2,100 level. On-chain data indicates that Bitcoin saw outflows of $424 million from exchanges over the past week, suggesting accumulation by long-term investors,” said Edul Patel, CEO and Co-founder of Mudrex.
He added, “April has historically been a strong month for Bitcoin, with an average gain of 13%. However, for BTC to reach $100,000, it must first break past the key resistance level of $90,000, while support is currently at $85,400.”
Sathvik Vishwanath, Co-founder & CEO of Unocoin, noted that despite recent fluctuations, Bitcoin is testing a key trend line resistance. “Momentum indicators suggest a potential breakout, which could push BTC toward $95,000 if bullish sentiment prevails. On the downside, a pullback to $86,400 could provide a buying opportunity, as long as support holds during the American trading session,” he said.
Among major altcoins, Solana surged 2.2%, XRP rose 1%, Cardano gained 2.3%, and Dogecoin jumped 4.5%. Meanwhile, Chainlink, Avalanche, Hedera, Shiba Inu, and Stellar posted gains between 2% and 8.5%.
Also Read: Can Bitcoin drop to $20K if Nasdaq falls into a bear market?
Bitcoin’s market capitalization rose to $1.731 trillion, with dominance increasing to 60.54%. However, its 24-hour trading volume fell 13.22% to $28.9 billion. Stablecoin transactions accounted for 94.44% of total crypto trading, reaching $71.52 billion, according to CoinMarketCap.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)