Bitcoin, Ethereum, Dogecoin Plunge Deeper On Trump’s Tariff Threats: Analyst Hopeful BTC Will Touch $93,500 In Relief Rally
Leading cryptocurrencies plunged on Wednesday on fears of a full-blown trade war between the U.S. and Europe.
| Cryptocurrency | Gains +/- | Price (Recorded at 7:45 p.m. ET) |
| Bitcoin (CRYPTO: BTC) | -4.01% | $84,586.64 |
| Ethereum (CRYPTO: ETH) |
-5.64% | $2,334.17 |
| Dogecoin (CRYPTO: DOGE) | -3.32% | $0.2024 |
What Happened: Bitcoin sank below $83,000 for the first time in 15 weeks before pairing losses late in the evening. The leading cryptocurrency was down over 21% since its January all-time high.
In the last 24 hours, BlackRock transferred over $160 million in BTC to Coinbase, which were outflows from iShares Bitcoin Trust ETF (NASDAQ:IBIT), according to Arkham Intelligence.
Similarly, Ethereum plunged to an intraday low of $2,255.05, its lowest since Donald Trump’s presidential victory.
The continuing price decline was precipitated by reports of Trump’s threats to impose 25% tariffs on the European Union.
Over $760 million was liquidated from the cryptocurrency market in the last 24 hours, with $606 million in long positions erased.
That said, a recovery to $90,500 would liquidate over $1 billion worth of short positions
Bitcoin’s Open Interest …
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