The crypto market experienced significant volatility over the past 24 hours, with Bitcoin plummeting below $110,000, even touching $102,000, following Donald Trump's announcement of 100% tariffs on China. This macro event triggered massive liquidations, estimated between $5 billion and $9.45 billion across leveraged positions, impacting Bitcoin, Ethereum, and various altcoins. Despite the market downturn, institutional interest remains strong, with a State Street survey suggesting increased digital asset allocations by 2028 and Morgan Stanley opening crypto investments to all clients. Altcoins like Cardano, Dogecoin, and XRP showed signs of potential recovery or strong underlying utility narratives amidst the broader market correction.
Major Themes
- Geopolitical events (Trump tariffs) as a primary market mover
- Widespread market liquidation and price volatility
- Continued institutional adoption and interest in digital assets
- Resilience and specific narratives for select altcoins
- Regulatory and security concerns
Next Day Outlook
The market is likely to remain sensitive to geopolitical developments and macroeconomic news, with a potential for continued volatility or a cautious recovery as investors assess the impact of recent events.