Investors are particularly focused on April 2, which Trump has dubbed “Liberation Day.” He is expected to announce wide-ranging tariffs that may affect global trade. Over the weekend, Trump suggested that these tariffs would be implemented against all countries, not merely those with significant trade imbalances, raising concerns about a potentially escalating trade war and its implications for economic growth.
As of 11:57 AM IST, Bitcoin was trading at $83,014, reflecting a 1.1% increase over the past 24 hours, while Ethereum rose by 2.3% to reach $1,847. The total cryptocurrency market capitalization increased by 0.94% to $2.68 trillion.
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“Bitcoin has held above the $82,000 mark as traders await additional insights regarding Trump’s tariffs. The acquisition of 22,048 BTC by Strategy and Eric Trump’s announcement of a new Bitcoin mining operation have contributed positively to market sentiment. For Bitcoin to maintain its upward trajectory, it must break above the $84,200 and $87,500 levels in the short term,” commented Vikram Subburaj, CEO of Giottus.Edul Patel, Co-founder and CEO of Mudrex, noted, “BTC faces immediate resistance at $84,300, while support is at $80,900.”
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Among significant altcoins, XRP saw a 0.65% increase, Solana up by 0.3%, BNB rose by 1.2%, and Cardano experienced a surge of 2.7%. Dogecoin, Chainlink, Avalanche, Hedera, Shiba Inu, and Stellar recorded gains of up to 6%.
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Bitcoin’s market capitalization rose to $1.649 trillion, with its dominance increasing to 61.34%. Trading volume surged by 50.5% to reach $26.94 billion, while stablecoin transactions constituted 95.72% of the total crypto trading, totaling $73.1 billion, as reported by CoinMarketCap.
Riya Sehgal, Research Analyst at Delta Exchange, stated, “BTC’s key support level is at $81,250, while Ethereum faces resistance near $1,850. A breakout above these levels could indicate a recovery; however, volatility is anticipated with significant macroeconomic events on the horizon, including U.S. employment data, Powell’s address, and inflation reports.”
(Disclaimer: The recommendations, suggestions, views, and opinions expressed by the experts are their own and do not reflect the views of the Economic Times)
On Tuesday, Bitcoin and major cryptocurrencies experienced positive trading movements, largely driven by sustained institutional interest. Nonetheless, market sentiment exhibited a degree of caution as investors braced for impending reciprocal tariffs announced by U.S. President Donald Trump, slated for April 2. This date, which Trump has dubbed “Liberation Day,” is anticipated to mark the release of broad-based tariffs that could significantly impact global trade dynamics. Trump’s earlier comments indicated these tariffs would not be limited to countries with considerable trade imbalances, raising fears of an escalating trade war that could undermine economic growth worldwide.
As of 11:57 AM IST, Bitcoin was priced at $83,014, reflecting a modest increase of 1.1% over the previous 24 hours. Ethereum also saw gains, rising by 2.3% to reach $1,847. Overall, the cryptocurrency market capitalization climbed by 0.94%, totaling around $2.68 trillion. Analysts noted that Bitcoin had maintained its price above $82,000 while market participants awaited clarity regarding the proposed tariffs. Vikram Subburaj, CEO of Giottus, highlighted recent developments in market activity, including a significant acquisition of 22,048 BTC by Strategy and an announcement from Eric Trump regarding a new Bitcoin mining venture, both of which have contributed to improving market sentiment. However, Subburaj emphasized that Bitcoin needs to breach the resistance levels of $84,200 and $87,500 to sustain its upward momentum in the near term.
Edul Patel, co-founder and CEO of Mudrex, noted that Bitcoin faces immediate resistance at $84,300, while support is identified at $80,900, indicating the critical levels that traders are monitoring. Among the major altcoins, XRP saw an increase of 0.65%, and Solana rose by 0.3%. Other cryptocurrencies, including BNB and Cardano, also experienced upward movements, with Cardano achieving a notable 2.7% rise. Additionally, Dogecoin, Chainlink, Avalanche, Hedera, Shiba Inu, and Stellar surged by as much as 6%, reflecting a more robust altcoin market performance.
Bitcoin’s market capitalization reached approximately $1.649 trillion, with its dominance in the crypto market rising to 61.34%. Trading volumes surged impressively by approximately 50.5%, amounting to $26.94 billion, with stablecoin transactions making up 95.72% of total crypto trading volumes, which totaled around $73.1 billion, as reported by CoinMarketCap.
Riya Sehgal, a research analyst at Delta Exchange, expressed that Bitcoin’s critical support level is at $81,250, whereas Ethereum is contending with a resistance level around $1,850. According to Sehgal, a breakthrough above these crucial levels could indicate a potential recovery for the cryptocurrencies, although heightened volatility is likely given upcoming macroeconomic events, including U.S. employment data releases, comments from Federal Reserve Chair Jerome Powell, and inflation reports.
In summary, while the cryptocurrency market showed resilience amid ongoing institutional interest and some bullish developments, broader market concerns over trade tariffs and impending economic data continue to loom. Investors remain vigilant, navigating the fine line between potential growth opportunities and the risks associated with geopolitical tensions and economic fluctuations.
