The comeback rally was short-lived as President Donald Trump’s latest trade barb against China sent leading cryptocurrencies lower on Tuesday.
Bitcoin Sinks To $110,000
Bitcoin plummeted to an intraday low at $110,029.49 as the apex cryptocurrency failed to sustain its recovery rally. Trading volume jumped 33% in the last 24 hours, signaling high selling pressure.
BTC's correction sent ripples across the market, sending Ethereum below $3,900 before a recovery to $4,000. XRP and Dogecoin also recorded sharp declines.
October hasn't panned out as expected, with BTC and ETH down 0.82% and 0.99% in a month that has historically generated good returns.
Cryptocurrency liquidations hit $690 million in the last 24 hours, with over $480 million in long positions erased from the market, according to Coinglass.
Bitcoin's open interest fell 2.16% over the last 24 hours to $73 billion. Meanwhile, over 60% of Binance traders with open BTC positions were betting on the coin's rally as of this writing.
Top Gainers (24 Hours)
| Cryptocurrency (Market Cap>$100 M) | Gains +/- | Price (Recorded at 9:30 p.m. ET) |
|---|---|---|
| Doge Killer (LEASH) | +924.89% | $4.31 |
| BNB Attestation Service (BAS) | +100.90% | $0.09942 |
| ChainOpera AI (COAI ) | +34.01% | $10.64 |
The global cryptocurrency market capitalization stood at $3.84 trillion, following a contraction of 2.74% in the last 24 hours.
Stocks Falter After Trump’s Latest China Salvo
Stocks also erased their gains on Tuesday. The S&P 500 fell 0.16% to end at 6,644.31, while the tech-heavy Nasdaq Composite closed down 2.21% to 22,521.70. The Dow Jones Industrial Average was the silver lining, gaining 0.4%, or 202.88 points, to close at 46,270.46.
The latest dip occurred after Trump said in a Truth Social post that China committed a “Economically Hostile Act” by refusing to buy U.S. soybeans and threatened to “terminate” cooking oil trade with them as "retribution."
Last week, Trump threatened "100% tariffs" on China over its "aggressive" stance on export controls, sending stocks and cryptocurrencies crashing.
Why BTC Needs To Reclaim $119,000
Widely followed cryptocurrency analyst and trader Ali Martinez said BTC must reclaim $119,000 to keep bullish bias intact.
A failure risks a correction to $96,530, they added, citing signals from Market Value to Realized Value Extreme Deviation pricing bands.
The bands measure statistically significant deviations from Bitcoin's historical average price.
Blockchain analytics firm CryptoQuant, meanwhile, emphasized that reclaiming $115,000, a key resistance level, would establish "positive short-term momentum" for BTC.
Photo Courtesy: Marc Bruxelle on Shutterstock.com
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