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The cryptocurrency market is currently facing intense selling pressure, with the total market capitalization dropping by 7.48% to $2.91 trillion. Bitcoin (BTC) 
$82,980 lost critical support at the $90,000 level, falling to around $86,000. Ethereum (ETH) 
$1,791 also experienced a decline of 10.37%, reaching a value close to $2,300, while Solana 
$117 (SOL) and XRP saw even steeper losses of 12.6% and 10.67%, respectively. What are the reasons behind this sharp decline, and which direction will the market take next?
Trump’s Tax Plans Shake the Crypto Market
U.S. President Donald Trump announced a 25% import tax on products from Canada and Mexico. During a press conference with French Prime Minister Emmanuel Macron, he reaffirmed his decision. This announcement has reduced risk appetite in global markets and significantly impacted the cryptocurrency sector.
Global markets reacted sharply, with the S&P 500 index falling by 2.3% and Nasdaq dropping by 4% over the last five days. As global investors moved away from risky assets, the cryptocurrency market felt the weight of this trend heavily.
In the last 24 hours, over $1.3 billion has been liquidated. Panic peaked as major exchanges, including Binance, sold off assets like Ethereum, Solana, and TRUMP coin.
How Low Can Bitcoin and Ethereum Go?
Market observers indicate a higher risk of further decline, especially among major altcoins. The selling pressure created by Binance is seen as crucial for the market’s direction.
Prominent analyst Capo warns that if Ethereum loses its support at $2,381, the price could fall to the $1,800 – $2,100 range. Additionally, Bitcoin could test the $85,000 level, and dropping below this threshold may lead to deeper losses.
On a brighter note, institutional investors entering the market could be key to recovery. For instance, large investment firm Strategy recently purchased 20,356 BTC, raising its total holdings to 499,096 BTC. Such acquisitions might help Bitcoin regain momentum; however, ongoing selling pressure and uncertainties in the global economy could result in prolonged stagnation for the crypto market, particularly affecting altcoins.
Is the Bull Run Over for Cryptocurrencies?
Some experts suggest that this drop may be a healthy correction, with potential for further gains. They argue that Bitcoin’s long-term upward trend remains intact, and continued institutional interest could facilitate recovery.
Nonetheless, due to Binance’s extensive sell-offs and negative developments in the global economy, the cryptocurrency market might remain confined within a narrow range for an extended period. Investors should be cautious, as a dip below $85,000 for Bitcoin could signal larger losses ahead.
