Synopsis
Bitcoin and other cryptocurrencies experienced a decline on Wednesday due to heightened trade tensions following U.S. tariffs on Chinese imports. Bitcoin fell over 3%, trading around $76,929, while Ethereum dropped 7% to $1,464. Market volatility is expected to remain high, with traders advised to be cautious of leveraged positions as altcoins also shed gains.
Bitcoin, Ethereum, and other major cryptocurrencies declined on Wednesday as global markets reacted to heightened trade tensions after U.S. President Donald Trump’s 104% tariffs on Chinese imports took effect.
The renewed trade friction between the world’s two largest economies triggered volatility across asset classes, including digital assets.
As of 12:05 PM IST, Bitcoin was trading at $76,929, down 3.11% in the past 24 hours. It had touched an intraday low of $74,589. Ethereum fell 7% to $1,464. The global cryptocurrency market capitalisation dropped over 3% to $2.44 trillion.
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TOP COIN SETSCrypto Blue Chip – 5-8.67% BuyAI Tracker-8.78% BuyNFT & Metaverse Tracker-10.34% BuyWeb3 Tracker-12.25% BuySmart Contract Tracker-12.39% BuyTOP COINS (₹) BNB48,115 (0.1%)BuySolana9,284 (-0.52%)BuyXRP158 (-1.31%)BuyBitcoin6,725,213 (-1.52%)BuyEthereum128,420 (-4.69%)Buy“Bitcoin’s sharp drop, triggered by the U.S.’s steep 104% tariff on Chinese imports, highlights how global trade tensions are now key drivers of digital asset volatility. With over $400 million in liquidations and shorts making up 60% of open interest, investor sentiment has clearly turned cautious,” said Riya Sehgal, Research Analyst at Delta Exchange.
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View Details »Shivam Thakral, CEO of BuyUcoin, added, “Bitcoin fell below the $77,000 mark before recovering slightly. This decline reflects ongoing selling pressure despite accumulation by large investors, signalling mixed sentiment in the crypto market. Resistance levels could limit recovery in the short term.”
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Altcoins mirrored the broader weakness. Solana dropped 3.3%, Dogecoin 3.5%, Cardano 3.1%, and XRP 3.4%. BNB declined 1.5%, while Toncoin, Tron, Chainlink, Avalanche, and Shiba Inu fell between 1–4%.
“Altcoins continue to shed their gains from 2024 with Ethereum dropping below $1,500 for the first time in 2 years. Solana, XRP and Cardano also registered significant losses. Market volatility is expected to remain high this week – traders are advised to hold off leveraged positions,” said Vikram Subburaj, CEO of Giottus.
Bitcoin’s market cap rose to $1.529 trillion, while its dominance in the broader crypto market slipped to 62.58%. Daily trading volume fell by 31.5% to $54.89 billion. Stablecoins accounted for more than 94.5% of total market volume, reaching Rs 118.83 billion, according to .
Also Read: Regulation or revolution? What Trump’s bitcoin move means for Indian policy
Tech view by Sathvik Vishwanath, Co-Founder & CEO, Unocoin
Technical indicators show BTC approaching key support at $74,000, with the Relative Strength Index (RSI) nearing oversold territory. However, resistance at $77,000 remains firm, and traders are cautious. If BTC fails to hold above $74K, it could drop toward the $70K zone. Market sentiment remains mixed, and a clear trend reversal will only be confirmed once BTC breaks and sustains above $78,000 with strong volume.
Also Read: What lies ahead for Altcoins: Looking at the future of diversified portfolios
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
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