Bitcoin Price Stabilizes Amid Trade War Volatility
Due to the escalation of the Trump trade war, Bitcoin price action has experienced a highly volatile period over the past few days, but it has now managed to stabilize at $83,500.
Recently, many Altcoins have undergone similar volatility. However, now that Ton is facing difficulties, PI has finally rebounded.
BTC Stabilizes at $83.5K
It has been a wild week in terms of price action for major cryptocurrencies, primarily influenced by global economic developments. Its price dropped to $81,200, but the asset responded well, nearly jumping back up immediately.
Following reports that Elon Musk would leave President Trump’s inner circle, Bitcoin surged above $88,000. However, this was followed by the so-called “Liberation Day,” where newly imposed tariffs by POTUS led to a price drop of over six instances.
As other countries reacted similarly, volatility increased further by the end of the weekend. BTC halted a few times at $85,000, while support at $81,000 allowed its price to fall further below that.
As of now, the cryptocurrency is trading at approximately $83,500. Its market cap remains dominant at $1.66 trillion, with a slight decline in the dominance of ALTS to under 60%.
btcusd. Data Source: TradingView
PI Bounces Back
After weeks and weeks of consecutive price declines, the native token of the PI network has finally bounced back in the past 24 hours. The asset, which marked a historic low yesterday, has now grown by 9% to $0.6. Nonetheless, its performance on a monthly scale remains astonishing, as it has dropped by 69%.
OKB is another notable gainer from larger Alts, surging similarly to a percentage of over 51 dollars. In contrast, Ton faced the largest drop (-7%), followed by Leo and ICP. SOL, XRP, and DOGE’s gains were minimal, while BNB, ADA, and TRX experienced negligible losses in the past 24 hours.
Since yesterday, the total market capitalization of cryptocurrencies has increased by approximately $60 billion, with CG reaching $2.78 trillion.
Cryptocurrency market overview. Source: QuantifyCrypto
