This week, the cryptocurrency market experienced a worrisome situation for participants. Bitcoin (BTC) and altcoins suffered significant declines, which were influenced by macroeconomic developments in global markets. The announcement of new tariffs by Donald Trump directly impacted the cryptocurrency market and raised concerns among investors.
Trump’s announcement of tariffs for Mexico, Canada, and China heightened fears of a global trade war, resulting in a heavy blow to the markets. Bitcoin dropped to approximately $95,000, and altcoins also experienced considerable devaluation. Although Trump later declared a 30-day suspension of the new tariffs for Mexico and Canada, the market has not yet recovered, leaving investors anxious about the possibility of further declines.
Following the tariffs, Trump stated that reciprocal tariffs would be announced in the following week. Experts caution that these actions could escalate the trade war even further.
Whale activity has played a role in influencing prices throughout the week. Bitcoin witnessed a decline of about 3%, trading at around $97,000. Ethereum (ETH) dropped by 14%, falling to $2,600. XRP also suffered a significant loss, dropping 14% in just one day and is expected to close the week below $3. However, the increased activity of whales has sparked optimism among certain investors.
Recent data shows that XRP whales purchased 520 million coins during this downturn, while ETH whales continued their buying spree. Additionally, whale activity has surged in meme coins such as PEPE and WIF.
