The cryptocurrency dipped below $77,000 overnight before making a modest recovery to $80K in the morning.
Bitcoin Languishes Above $80K After Slumping to 4-Month Low Overnight
This article was published more than a month ago. Some information may no longer be current.
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Bearish Pressure Continues: Bitcoin Lingers Above $80K After Overnight Slump
Bitcoin tumbled all the way to $76,624.25 late last night, a 4-month low, before later recovering. The entire cryptocurrency market has lost more than a $1 trillion in value since mid-December 2024, according to Coin Market Cap data.
Price Movement and Current Value
In the last 24 hours, bitcoin traded between a low of $76,624.25 and a high of $82,087.03. As of the latest data, Bitcoin is priced at $80,645.13, marking a slight 0.66% increase over 24 hours and a 2.56% decline over the past week.
Trading Volume and Market Capitalization
The 24-hour trading volume reached $59.56 billion, a significant 23.40% increase, indicating heightened trading activity. Bitcoin’s market capitalization currently stands at $1.58 trillion, slightly up 0.04% from the previous day.
Market Dominance and Futures Activity
Bitcoin’s market dominance has risen slightly to 62%, a 0.36% increase over 24 hours. Futures markets show a total open interest of $46.05 billion, a decrease of 0.72% over the past day. Liquidation data reveals total liquidations of $260.97 million, with long positions accounting for $185.50 million and short positions for $75.48 million.
Trumps Slaps 50% Tariff on Canadian Steel
In an unprecedented move on Tuesday, President Donald Trump said his administration will raise tariffs on Canadian steel and aluminum imports by an additional 25% for a total of 50%.
Trump explained he was responding to the Ontario government’s 25% tax on electricity exports to the U.S., announced by Premier Doug Ford in February. The tax took effect on Monday.
The price of bitcoin briefly dipped below $80,000 on the news.
BlackRock Issues a Warning About Trump’s Policies
Blackrock CEO Larry Fink issued a warning about Trump’s trade policies, stating:
I think if we all are becoming a little more nationalistic – and I’m not saying that’s a bad thing, you know, it does resonate with me – that it’s going to have elevated inflation.
Higher inflation could lower the prospects of a cut in interest rates by the Federal Reserve, a situation that would impact bitcoin’s price.
Price Outlook
The convergence of heightened trading activity, inflationary concerns due to trade policies, and significant liquidations, suggests that bitcoin may continue to experience volatility in the short term.
