What to know:
- Ah, the weekend! A time for relaxation, family, and watching cryptocurrencies tumble like a clumsy ballet dancer. Dogecoin has taken a nosedive of over 8%, while our dear friend Pepe has plummeted by 12%. Who knew digital frogs could fall so hard?
- Bitcoin, that old reliable, has also decided to join the party, dropping over 2% and trading just above $103,600. The CoinDesk 20 index? Oh, it’s down by 4.2%. A real party pooper!
- Analysts, those wise sages of the market, attribute this downturn to the ever-exciting U.S.-China trade tensions. Because nothing says “let’s invest” like a good old-fashioned trade war, right?
As the weekend dawned, cryptocurrencies were painted in shades of red, with Dogecoin (DOGE) leading the charge downwards, while Pepe (PEPE) decided to join the fun by shedding 12%. It’s like a sad comedy, really.
Bitcoin, in a fit of existential crisis, fell over 2% to under $104,000, trading just above $103,600 during the Asian afternoon hours on Saturday. Meanwhile, the CoinDesk 20 index slumped 4.2% in the past 24 hours. A real thriller!
Ether (ETH) decided to join the pity party with a nearly 4% drop, while xrp (XRP), BNB Chain (BNB), Cardano’s ADA, and Solana’s SOL all showed losses between 2-5%. The only one smiling? Cronos Network’s CRO, which gained 12% for reasons that remain a mystery. Perhaps it found a lucky penny?
Analysts, with their crystal balls, have linked this downturn to the renewed U.S.-China trade tensions. Because who doesn’t love a little geopolitical drama with their investments?
“Markets went red on Friday on renewed tariff-related apprehensions,” said Alex Kuptsikevich, chief market analyst at FxPro, in an email to CoinDesk. “President Trump accused China on social media of violating the recent trade truce, while Treasury Secretary Scott Bessent admitted in an interview that talks with Beijing had stalled.” Ah, social media—where diplomacy goes to die.
The derivatives market is also showing signs of investor caution. Open interest in Bitcoin futures is up 51% since April, while options have ballooned by 126%, according to data from Deribit. It’s like watching a balloon animal grow—exciting yet slightly concerning.
Whale wallets, those mysterious creatures of the crypto deep, which had been accumulating Bitcoin throughout the year, have recently shifted to net selling. They’re sending coins back to exchanges—a classic sign of profit-taking. It’s like watching a kid trade their candy for a toy, only to regret it later.
“Bitcoin’s local support looks solid around $103K for the coming days,” Kuptsikevich said. However, with tariff headlines rattling markets and whales taking risks off the table, traders are bracing for more volatility. Buckle up, folks; it’s going to be a bumpy ride!
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2025-05-31 12:59