Bitcoin Approaches $96900 as Alternative Coins Decline Due to Continuing Trump Tariff Effects
ughly Rs. 2,77,41,824 crore).
Among a handful of altcoins that managed to hold onto gains — Litecoin, Monero, Iota, and Underdog marked their names.
Braintrust, Ardor, and Mobox also reflected small profits on Monday.
“In the meantime, some altcoins are displaying signs of a reversal, like Cardano, Chainlink, SUI, Hedera, etc., as the community sentiments for these tokens are extremely bullish. In the meantime, some altcoins are displaying signs of a reversal, like Cardano, Chainlink, SUI, Hedera, etc., as the community sentiments for these tokens are extremely bullish,” the CoinDCX research team told Gadgets 360.
The surge in the crypto market encountered a hurdle due to the implementation of new international trade tariff laws by US President Donald Trump. Bitcoin’s value experienced a minor decrease on Monday, falling to $96,890 (roughly Rs. 85 lakh) globally, as per CoinMarketCap data. In the Indian market, Bitcoin was priced at $97,563 (roughly Rs. 85.6 lakh) after a slight decrease of about two percent within 24 hours.
Edul Patel, CEO of Mudrex, highlighted that Bitcoin is teetering around its support level post-Trump’s decision to levy 25 percent tariffs on steel and aluminum. The imposition of these tariffs mirrors Trump’s earlier statements regarding imposing similar tariffs on Canada and Mexico. The cryptocurrency could potentially revisit its previous low of $91,000 (roughly Rs. 80 lakh) if selling pressure intensifies, Patel noted.
The price of Ether also felt the impact of these developments, dipping by 1.60 percent globally over the past day. Currently valued at $2,626 (roughly Rs. 2.30 lakh) on global platforms, Ether mirrored Bitcoin’s trajectory on Indian exchanges, experiencing a drop of approximately 2.50 percent on Monday to reach $2,603 (roughly Rs. 2.28 lakh) on platforms such as CoinSwitch.
Analyzing Ethereum’s stability, Avinash Shekhar, Co-Founder and CEO of Pi42, acknowledged that despite macroeconomic pressures, there are signs of optimism through accumulation trends. Shekhar emphasized the fluctuation of the crypto market based on fear and confidence where sentiment influences price trends. Short-term holders seem to be driven by fear while long-term investors exhibit patience and anticipate breakthroughs. The establishment of stability around crucial price zones may reignite momentum, as historical data suggests that dips often precede rallies.
The broader market landscape observed a decline with numerous altcoins grappling with losses, as indicated by the crypto price tracker on Gadgets 360. Altcoins like Ripple, Tether, Dogecoin, USD Coin, Cardano, and Tron all suffered price drops. Avalanche, Stellar, Shiba Inu, Polkadot, and Uniswap were also among the digital assets that saw decreases on the price charts.
The overall crypto market cap recorded a 0.51 percent decline within 24 hours, with the sector’s current value resting at $3.17 trillion (roughly Rs. 2,77,41,824 crore). Amidst the downtrend, a few altcoins, namely Litecoin, Monero, Iota, and Underdog, managed to secure gains. Braintrust, Ardor, and Mobox also showcased minor profits on Monday.
The CoinDCX research team noted that certain altcoins are displaying signs of a potential reversal, citing examples like Cardano, Chainlink, SUI, and Hedera. The team emphasized the bullish community sentiment surrounding these tokens, hinting at a possible shift in market dynamics for these particular cryptocurrencies.
