While crypto enthusiasts were busy celebrating Bitcoin’s meteoric rise, the digital asset market took a brutal nosedive. The crypto space witnessed a staggering $140 billion evaporation from its total market cap, plummeting from $2.72 trillion to $2.58 trillion. So much for those laser eyes and moon predictions.
Bitcoin, the poster child of digital assets, couldn’t escape the carnage. It tumbled below $74,000, marking a 30% descent from its all-time high. The RSI bounced to 62, signaling some renewed buyer interest despite the downturn. Historical data suggests this may be temporary, as moving averages convergence typically precedes significant market shifts. Ethereum got hit even harder, posting a brutal 13% weekly decline. Other altcoins? They’re bleeding out faster than a horror movie victim.
Crypto markets in shambles as Bitcoin and Ethereum lead the nosedive, leaving altcoins drowning in a sea of red.
The market’s mood is about as cheerful as a funeral. The Fear & Greed Index sits at a depressing 21, while institutional investors are running for the hills. ETFs, those fancy new investment vehicles everyone was excited about, saw a combined exodus of $194 million. Bitcoin ETFs alone shed $155 million, with Ethereum ETFs losing $39 million. Talk about a rough month.
Trump’s tariff announcement was the match that lit this dumpster fire. The news sent shockwaves through both traditional and crypto markets, proving once again that digital assets aren’t as disconnected from the real world as some maximalists like to pretend. The correlation between Bitcoin and the S&P 500 is starting to look uncomfortably cozy. The social media influencers who typically pump the market are unusually quiet.
Technical indicators aren’t painting a pretty picture either. The Altcoin Season Index is at a measly 19, showing investors are clinging to Bitcoin like it’s the last lifeboat on the Titanic. Analysts have spotted a bearish flag pattern in the total market cap, suggesting we might see levels drop to $2.31 trillion.
The broader economic landscape isn’t helping. Rising interest rates, inflation concerns, and geopolitical tensions are turning investors into nervous wrecks. Even Bitcoin’s “digital gold” narrative isn’t providing much comfort.
Sometimes, when traditional markets catch a cold, crypto catches pneumonia. Welcome to the wild world of digital assets, where $140 billion can vanish faster than a magician’s rabbit.
