Bitcoin's price tumbled below $90,000 on Tuesday, as the cryptocurrency market grappled with a confluence of negative factors, including tariff threats and legislative setbacks. The leading cryptocurrency experienced a 7% decline over the past week, settling just under the $90,000 mark by midday Tuesday. Ethereum also saw a significant drop, falling 11% in the last six days to around $3,000. Solana experienced an even steeper decline, plummeting 14% to approximately $127 during the same period.
The market downturn was triggered, in part, by President Trump's threats to impose tariffs on European nations in response to their opposition to his Greenland acquisition plans. According to Russell Thompson, chief investment officer at Hilbert Group, the tariff threats put Bitcoin under pressure.
Adding to the market's woes, the Clarity Act, a key piece of legislation for the crypto industry, stalled after Coinbase unexpectedly withdrew its support late last week. The postponement of the Clarity Act in the Senate committee, mainly due to concerns from Coinbase, eliminated a large amount of positive sentiment in the market, Thompson noted. Coinbase CEO Brian Armstrong's specific objections to the bill were not immediately clear.
The crypto market's volatility has been a recurring theme in the early part of the year. The combination of macroeconomic uncertainty, regulatory hurdles, and internal industry dynamics continues to create a challenging environment for digital assets. The future direction of the market will likely depend on the resolution of these issues and the ability of the industry to navigate the evolving landscape.
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