Crypto market recap: Bitcoin crashes 8% to $112K
Bitcoin (BTC) plunged to $112,277, down nearly 8% in the past 24 hours and over 8.3% for the week, as global markets reacted sharply to Donald Trump’s new 100% tariffs on Chinese goods.
Ethereum (ETH) suffered an even steeper drop, sliding 13.4% to $3,785, its lowest level in over a month. XRP and Solana were hit hardest among top assets, falling 14.7% and 17.7%, respectively. BNB lost 13%, now trading at $1,108, while Cardano (ADA) and Dogecoin (DOGE) collapsed more than 20% in 24 hours. The overall crypto market capitalization tumbled to $3.74 trillion, marking a 9.8% daily decline, as the Fear & Greed Index plunged to 35 (“Fear”) — the lowest since early summer.
Trump’s tariff escalation sparks global risk-off sentiment
The sell-off came immediately after President Donald Trump’s 100% tariff announcement on Chinese imports, which reignited fears of a global trade war and sent investors fleeing risk assets. Analysts warn the tariffs could strengthen the U.S. dollar while weighing on Bitcoin and other speculative markets in the short term.
Surrounding China’s economic retaliation and supply chain disruptions has amplified volatility across crypto and equities. Despite the decline, some market strategists believe the correction could create attractive long-term entry points, with Bitcoin’s oversold RSI reading of 25 suggesting conditions ripe for a potential technical rebound.
Market sentiment sinks, but long-term outlook remains resilient
The sudden crash has rattled traders, but institutional analysts emphasize that the broader structural narrative for Bitcoin remains intact. Long-term holders continue to maintain strong conviction, with on-chain data showing minimal panic selling among whales. Stablecoins like USDT and USDC saw record 24-hour inflows exceeding $450 billion in volume, suggesting significant liquidity repositioning. As the dust settles, traders are eyeing $110,000 as key support and $118,000 as immediate resistance. While the market braces for continued volatility, historical patterns indicate that similar geopolitical shocks have often preceded medium-term recoveries once macro uncertainty begins to stabilize.
Recently we wrote that the crypto market’s mood has soured sharply after U.S. President Donald Trump announced sweeping 100% tariffs on Chinese imports, triggering panic across digital assets.
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