Crypto Market Today: BTC & Alts Continue Facing Market Pressure

The global crypto market lost nearly 1.3% today, as indicated by a diminished market cap of $2.68 trillion. Further, it's notable that the market action again turned bearish despite cooling inflation in the U.S., per the latest CPI report.

The global crypto market saw a slight loss of nearly 1.3% today, as indicated by a diminished market cap of $2.68 trillion. Further, it’s notable that the market action turned bearish despite cooling inflation in the U.S., per the latest CPI report.

Traders and investors reflect a panic-stricken sentiment over risk assets at the moment, primarily due to macro heat. As reported by BlockVars, the U.S. is planning to impose tariffs on goods from Vietnam. This move comes after a seven-month probe by the Biden administration, suspecting Vietnam of currency manipulation to boost its exports and flouting labor rights.

The probe targeted goods like steel, aluminum, seafood, and solar cells, with the tariffs set to take effect in the next two months. However, the Biden administration ultimately decided against imposing tariffs, considering the broader economic implications.

Moreover, the Trump administration's plans to impose tariffs on $7.5 billion worth of European goods over a long-running dispute with France, Germany, Spain, and Britain over aircraft subsidies have also been dropped by the Biden administration.

The Trump administration had initiated the process in December 2019, intending to impose tariffs on goods like cheese, wine, and sparkling wine, beginning March 10. However, the Biden administration ultimately decided to close the case.

Crypto Market Today: BTC & Alts Continue Facing Market Pressure

BTC price slipped by over 2% in the past 24 hours and fell below the $82K level as of early Asian hours on Friday. The flagship crypto hit a low and a peak of $79,931.85 and $84,158.76. Bitcoin recorded liquidations worth $78.88 million over the past day (Coinglass data), which may be bringing some volatility to the price.

At press time, BTC’s market dominance slipped by 0.51% to 60.80%, indicating that altcoins are in a better position. The flagship crypto’s price is pivoting in a tight range, with the next decisive move determining the next leg of the trend.

ETH Price Slips Marginally

As of press time, ETH’s price witnessed a slight 0.3% dip and closed at $1,888. The second-largest coin by market cap hit a low and a peak of $1,823.53 and $1,919.69 in the past 24 hours.

Ethereum recorded only $37.27 million worth of liquidations over the past day. Simultaneously, ETH’s market dominance remained shrunk at 8.5%, indicating other altcoins leveraging gains.

The price of the second-largest coin slid below the $1,900 level after testing the resistance twice. The bears may continue to exert pressure as long as the price remains below the 200 SMA.

XRP Price Jumps 2%

Next, XRP price witnessed gains worth 2% in the past 24 hours and closed in at $2.28. The coin bottomed and peaked at $2.22 and $2.34 intraday.

Intriguingly, Ripple’s XRP price soars alongside a major development in Dubai. After months-long anticipation, crypto exchange Bybit has finally secured a Distributed Ledger Technology (DLT) license from the Dubai Financial Services Commission (DFSA).

The move will allow Bybit to operate fully in Dubai and expand its services to include offering digital assets and closely related services.

Moreover, the development comes as Small World Financial Bank has also received a full banking license from the DFSA. This marks a significant step for the Italian institution, allowing it to provide a broader range of financial services in the region.

Solana Price Falls 1%

However, SOL price also sank in tandem with the broader market trend today, down nearly 1% to $124. Its 24-hour bottom and peak were registered as $120.91 and $128.16, respectively. Solana recorded slight liquidations worth $8.61 million in the past 24 hours.

After a strong rally that saw it break above the $130 level, Solana price slid back into the hands of the bears, who pulled the price down by over 3%. As the price fell below the 200 SMA, it could continue falling to the $120 level.

Meme Crypto Market Today

In other news, the meme crypto sector also saw mixed fortunes today, with Dogecoin (DOGE) price slipping by 2% to reach $0.1680. After failing to break above the 200 SMA, DOGE price slid back into the hands of the bears, who pulled the price down further.

Shi

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