Crypto market recap: Solana drops 5.6% as Bitcoin trades near $80,000
Bitcoin fell below the key $80,000 level on Thursday as geopolitical tensions escalated during the high-stakes summit between U.S. President Donald Trump and Chinese President Xi Jinping in Beijing. The correction across cryptocurrency markets came amid broader nervousness in Asian equities, triggered by Xi’s unusually direct warnings on the Taiwan issue.
Highlights
- Bitcoin dropped below $80,000, trading near $79,599 with a 1.6% 24-hour loss.
- Ethereum fell 2.1% to $2,261; Solana plunged 5.6% to $90.
- The Crypto Fear & Greed Index is at 34 and still declining.
- Primary catalyst: Xi’s firm warnings on Taiwan during the Trump-Xi summit.
Market snapshot
As of May 14, Bitcoin (BTC) was trading at $79,598.87, down 1.6% over the past 24 hours and 1.6% for the week. Ethereum (ETH) stood at $2,260.70, losing 2.1% daily and 3.1% over seven days.
Solana led the declines among major assets, plunging 5.6% to $90 and giving back much of its recent gains. Dogecoin was the sole notable gainer, rising 0.9% to $0.1126.
The Crypto Fear & Greed Index dropped to 34, remaining deep in the fear zone and continuing its downward trend as investors grew more cautious.
Geopolitical tensions drive sentiment
During Wednesday’s meeting in the Great Hall of the People—the first visit to China by a sitting U.S. president in nearly a decade—Xi told Trump that mishandling the Taiwan question could lead to “collision or even conflict,” putting overall U.S.-China relations in a “highly dangerous” position. The Chinese side released a strongly worded press statement even before the talks concluded, amplifying market jitters.
Taiwan’s foreign ministry responded by reaffirming strong U.S. support and labeling Beijing the primary threat to regional stability. The rhetoric unsettled Asian stock markets and spilled over into risk assets, including cryptocurrencies.
Geopolitics weighs on risk assets
Thursday’s price action underscores how quickly cryptocurrency markets react to developments in U.S.-China relations. While Bitcoin continues to hold above $78,000, the sharp rise in geopolitical uncertainty—combined with lingering effects from last week’s hotter-than-expected U.S. inflation data—has prompted profit-taking and reduced risk appetite.
Dogecoin’s modest gain stood out as an exception in an otherwise negative session. Markets will now watch closely for the final joint statement from the Beijing summit and any subsequent moves in traditional financial markets. For now, crypto investors appear to be adopting a defensive stance amid heightened global tensions.
In an earlier report, we noted that CFTC eased reporting requirements for prediction markets.
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