Amid a weekend downturn in the crypto market, Dogecoin (DOGE) experienced an 8% drop, while Pepe (PEPE) fell by 12%. Bitcoin also remained under pressure, dropping over 2% and trading just above $103,600 as of Saturday afternoon in Asia. Other major cryptocurrencies like Ether (ETH) saw nearly 4% declines, with XRP, BNB Chain (BNB), Cardano (ADA), and Solana (SOL) showing losses ranging between 2-5%. The only noteworthy gainer in the top 100 cryptocurrencies was Cronos Network (CRO), which saw a 12% rise without any clear catalyst.
Market analysts point to renewed trade tensions between the U.S. and China as a significant factor driving the market's downward trend. Alex Kuptsikevich, chief market analyst at FxPro, stated, "Markets went red on Friday on renewed tariff-related apprehensions." President Trump blamed China for violating a recent trade truce on social media, and Treasury Secretary Scott Bessent acknowledged that discussions with Beijing had stalled.
In addition to geopolitical concerns, the derivatives market reflects rising investor caution. Open interest in Bitcoin futures rose by 51% since April, while open interest in options increased by 126%, according to Deribit data. Furthermore, whale wallets that had been accumulating Bitcoin throughout the past year have begun to sell, a move often associated with profit-taking. Kuptsikevich noted Bitcoin's local support around $103K, but he foresees traders preparing for potential volatility as the situation with tariff discussions evolves.
Market analysts point to renewed trade tensions between the U.S. and China as a significant factor driving the market's downward trend. Alex Kuptsikevich, chief market analyst at FxPro, stated, "Markets went red on Friday on renewed tariff-related apprehensions." President Trump blamed China for violating a recent trade truce on social media, and Treasury Secretary Scott Bessent acknowledged that discussions with Beijing had stalled.
In addition to geopolitical concerns, the derivatives market reflects rising investor caution. Open interest in Bitcoin futures rose by 51% since April, while open interest in options increased by 126%, according to Deribit data. Furthermore, whale wallets that had been accumulating Bitcoin throughout the past year have begun to sell, a move often associated with profit-taking. Kuptsikevich noted Bitcoin's local support around $103K, but he foresees traders preparing for potential volatility as the situation with tariff discussions evolves.
