The dynamic realm of crypto has concluded yet another week, primarily sparking uncertainty among market participants globally. Bitcoin (BTC) price slumped alarmingly in the past seven days, whereas altcoins mainly followed the tumbling movement amid broader developments. Primarily, the market faces turbulence amid broader macroeconomic developments. Here’s a brief report on some of the most buzzworthy updates reported by CoinGape over the past week.
Crypto Market Blues Amid Trump’s Tariffs Saga
Notably, the crypto market took a severe hit this week, primarily against the backdrop of macroeconomic trends. U.S. President Donald Trump announced new tariffs for Mexico, Canada, and China this week, thereby delivering a blow to global markets due to trade war speculations.
As a result, even the cryptocurrency sector plummeted, with BTC & Altcoins reversing previous gains. BTC even stopped as low as $95K in the past seven days, where altcoins faced further heat on prices. Besides, the market is yet to recover despite Donald Trump announcing a 30-day pause on the new tariffs for Mexico & Canada. Some traders and investors believe that further downfall awaits as the market has not yet recovered, and the tariffs are to resume in 30 days.
Also, US President Donald Trump has revealed that he plans to unveil reciprocal tariffs next week in a move that could further escalate his trade war with the country’s allies.
On the other hand, despite the recent U.S. jobs data coming cooler than expected, the cryptocurrency sector continued to slump. U.S. nonfarm payrolls increased 143,000 in January, down from the market expectations of 170K. Further, the U.S. unemployment rate came in at 4%, down from 4.1% noted in the prior month. Nevertheless, the broader crypto market scenario remains uncertain at the moment.
BTC & Altcoins Tank Despite Rising Whale Activity
Simultaneously, BTC lost nearly 3% this week, closing in at the $97K level. Further, ETH price lost an alarming 14% in value, closing the week at $2,600 level. XRP price followed, cracking 14% over the past day and closing the week below $3. Primarily, the broader slumping action in crypto prices mirrors an uncertain market sentiment prevailing across the broader sector due to macroeconomic developments.
Nevertheless, it’s noteworthy that altcoins witnessed a substantial rise in whale activity during this period. CoinGape reported that XRP whales bought 520 million tokens amid the recent dip, indicating that gains are imminent. Further, recent ETH whale activity also underscored a buying spree among traders and investors globally. Further, even meme coins like PEPE & WIF whale accumulations spiked amid the current market dip. In turn, market watchers remain optimistic over a bullish movement ahead as large-scale investors exhibit a potential buy-the-dip strategy.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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