The cryptocurrency market ended the week with significant losses, as Bitcoin (BTC) 
$76,351 slid to its lowest in three months on various exchanges, falling below $104,000. Major altcoins such as Ethereum (ETH) 
$2,290, Binance Coin (BNB), XRP, Solana 
$84 (SOL), and Dogecoin 
$0.099449 (DOGE) also experienced substantial declines. This downturn prompted investors to label the event as “Bloody Friday.”
Bitcoin’s Three-Month Low and Trump’s Influence
The sell-off began last Friday, triggered by BTC’s drop from $122,000 to $110,000. On major exchanges like Binance, the price fell as low as $101,000, before recovering to $116,000 early in the week. However, a strong rejection at that level accelerated the decline again. On Thursday evening, the $110,000 support was breached, and by Friday, BTC had dropped below $104,000, hitting a three-month low.
Meanwhile, an announcement by US President Donald Trump suggesting a potential retraction of new tariffs on China provided a temporary relief in the markets. Following this statement, Bitcoin briefly rose above $106,000, showing a limited upward response. Yet, the overall market sentiment remained weak. Bitcoin’s market capitalization fell to $2.13 trillion, while its dominance over altcoins increased to 57.3%.
Significant Losses in Altcoins
The losses in the altcoin market were even more pronounced compared to Bitcoin. Ethereum (ETH) dropped below $3,900, and BNB lost 3% of its value, failing to hold the $1,100 support. TRX, DOGE, ADA, LINK, HYPE, BCH, SUI, AVAX, and HBAR stayed in the red, while XRP, SOL, and XLM managed to remain slightly positive. COAI experienced a 17% loss in the last 24 hours, whilst AAVE and ASTER fell by 5.3% and 5% respectively. Conversely, ENA and TAO rose by 12.5% and 8%, respectively.
Although the total cryptocurrency market capitalization attempted to stabilize around $3.7 trillion, it faced a loss of approximately $500 billion over the past week. This situation reflects a decrease in investor confidence and indicates the market’s vulnerability to global developments. Analysts suggest that the US-China trade tensions, interest rate policies, and ETF fund flows will determine the market direction in the coming weeks.
In conclusion, Bitcoin’s recent failure to maintain critical support levels underscores the market’s sensitivity to global economic and political changes. Future developments in US-China relations, macroeconomic stability, and central bank decisions will be crucial short-term determinants. If global uncertainties persist, investors may shift towards safer assets, leading to new lows in altcoin prices.
