The cryptocurrency market seems to continue its descent. Bitcoin (BTC) has fallen to the $76,000 level for the first time since November 2024. The global crypto market cap has fallen 10.5% in the last 24 hours to $2.52 trillion. The crypto market had risen to more than $3 trillion in late March. Since last month, more than $0.5 trillion has been wiped out.
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Cryptocurrencies And Stocks Suffer Consequences Of Trump’s Tariffs
Global stock markets are also seeing massive sell-offs. The market crash is most likely due to Trump’s tariff spree. Major stock markets are witnessing stellar losses. Trump’s “Liberation Day” tariffs have led to investors losing substantial amounts of money. Cryptocurrencies and stocks have faced massive corrections as a result of the dip in sentiment. There is also a high chance that the US will enter a recession sometime this year.
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There is a possibility that investors will flock to alternate assets to save value. The cryptocurrency market could experience a surge in investments to escape the stock market crash. There is also a possibility that the Fed will announce an interest rate cut soon.
Top 3 Cryptocurrencies That Could Recover This Week
1. Bitcoin (BTC)
BTC is the market leader. Other assets will likely not move without the original cryptocurrency taking the lead. There is a chance that BTC will see an increase in investments over the coming weeks as investors try to hedge their funds. If the Fed cuts interest rates, it could further aid BTC’s price.
2. Ripple (XRP)
Ripple’s XRP token is another cryptocurrency that could experience a surge over the coming days. The SEC dropped its litigation against Ripple earlier this year. The asset does not seem to have any barriers. Investors could flock to the asset as an alternative.
3. Solana (SOL)
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SOL is close to falling below the $100 mark. The low prices could attract investors to buy the cryptocurrency. SOL could see an increase in inflows over the coming weeks. The asset could make a turnaround if the Fed announces an interest rate cut.