The current crypto landscape is split due to broader market volatility. Higher-than-usual market volatility has affected bulls as well as bears. As a result, the overall market liquidation for crypto has been close to $450 million in the past 24 hours.
The news of this liquidation came in the wake of the announcement of revised US tariffs. President Trump officially levied a 25% tariff on auto imports. Subsequently, Trump also announced a 10% tariff on all US exporters, which has introduced added volatility.
Trump levied his tariff primarily on Asian and European Union countries. China faces a close to 50% hike on several goods. Next in line is India, with a 25% fee on goods. This has sent the business community into disarray.
As soon as the news was released, US indices and the crypto market tanked majorly. Not only that, but the US Treasury yield also slumped, recording its lowest in more than five months. However, gold sailed through and managed to record one of the highest price.
Glimmer Of Hope
Amidst a broader market slump, BTC has managed to inch above $87,000. Moreover, coins like XRP and ETH have also shown signs of positive movement. This seems like a small glimmer of hope.
Still, market experts believe that the risk is not yet averted. The current market slump shows that the market could reach a more volatile state. There is a possibility that the graph could make a bell curve where the price would cascade after reaching a high.
Overall, things look a bit better. However, they could take a turn for the worse.
