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One crypto analyst suggests that Bitcoin long positions may "become viable" once the long-term seller supply increases again.
Bitcoin dropped by 9.7% and ether declined by 14.7% as Trump initiated a trade war with tariffs on Canadian and Mexican imports coming into effect on Tuesday. An analyst stated that Trump's stringent tariff measures have "further fueled risk-off sentiment."
President Trump's announcement regarding a U.S. Crypto Strategic Reserve sent prices soaring across the crypto industry, boosting the total industry market cap by nearly 20% since its recent lows on Friday. Cardano, XRP, Trump's memecoin, and Solana were the best performing coins over the past 24 hours; BNB rose the least out of the top 10 cryptocurrencies by market cap.
US spot bitcoin ETFs experienced a total daily net outflow of $1 billion, excluding flow data from Ark Invest’s ARKB. During their six-day streak of negative flows, these ETFs saw over $2 billion withdrawn from the products. Analysts suggested that the rebalancing of institutional investors’ positions in the ETFs might have contributed to the record-high outflows.
The sentiment in the crypto market plummeted to "Extreme Fear" following US President Donald Trump's announcement that 25% tariffs against Canada and Mexico are proceeding as planned.
Bitcoin traders are concerned about a return to the lower end of the BTC price range as market inertia allows bears to maintain control approaching the monthly close.
Bitcoin is finally exhibiting behaviour similar to stocks and gold, approaching near all-time highs as BTC price action resumes.
Bitcoin is mirroring gold's price growth path, increasing the likelihood of achieving price targets exceeding $300,000.
World Liberty Financial utilised its USDC reserves to acquire $1.4 million in MOVE and $5 million in wrapped BTC. Additionally, it staked 2,221 ETH with Lido Finance and deposited 5 million USDC into Aave’s lending protocol.
- 16:45Powell: Policy Needs to Shift Toward a More Neutral StanceChainCatcher news, according to Golden Ten Data, Federal Reserve Chairman Powell stated that as risks become more balanced, policy needs to shift towards a more neutral stance.
- 16:32Powell: The Future Direction of Monetary Policy Will Be Driven by Data and Risk AssessmentJinse Finance reported that Federal Reserve Chairman Powell stated that the future direction of monetary policy will be driven by data and risk assessments. The balance sheet remains an important monetary policy tool, and stopping the expansion of the balance sheet earlier might have had only a minor impact. Risks in the job market are rising, which justifies a rate cut in September. Expectations for the labor market continue to trend downward.
- 16:28The US Dollar Index (DXY) falls below 99, down 0.27% on the day.ChainCatcher news, according to Golden Ten Data, the US Dollar Index (DXY) has fallen below 99, with an intraday decline of 0.27%.