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The cryptocurrency market cap fell by about 4% in 24 hours on Friday to see Bitcoin (BTC) drop below $110k amid huge liquidations. Data on CoinMarketCap showed the global crypto market cap was down to $3.55 trillion, with Bitcoin’s market cap at $2.16 trillion
Coinglass indicated volatility had over $566 million liquidated in the past 24 hours. The metric was up by 73%. Despite this, Bitcoin’s fear & index measure remained at 78, signalling extreme greed.
Bitcoin retreats from all-time high amid tariff-driven sell-off
While Bitcoin price remained above $108k, bears had earlier in the day pushed it as low as $107.6k, threatening to scuttle bulls’ plans amid fresh tariff jitters. BTC fell more than 3% as the stock market also reacted negatively to President Donald Trump’s new tariff threats.
Bitcoin price chart by CoinMarketCapJim Cramer’s view as risk assets plunged was that many people are likely seeing a bottom. However, he said this might not be the case and that “it is too early to do so.”
Bitcoin’s robust support
The all-time high for Bitcoin above $111k had bulls yearning for more. However, bears might have other ideas short term. If this happens, a return to $100k could open up a fresh leg down.
According to Glassnode, Bitcoin has a robust support zone around $94k.
“More than 420k $BTC now have a cost basis around the $94K level, forming one of the strongest support zones in the current cycle. This dense cluster of accumulation has held firm through consolidation in early May – providing the launchpad for #Bitcoin’s breakout to new highs,” the platform shared on X.
Peter Schiff on Trump’s tariff threats
Although Trump explained on Truth Social why he recommended a 50% tariff on the European Union and 25% on Apple for iPhone made outside the U.S., crypto skeptic Peter Schiff commented via X that the tariff threat is anything but “market manipulation.”
“Trump just threatened to impose 50% tariffs on imports from Europe, much higher than what Americans pay to import goods from China. The skeptic in me thinks this is just market manipulation, giving insiders opportunities to trade before the tariffs are called off with a fake win,” Schiff wrote.
ETH and XRP drop 3% each, top memecoins gain
As the flagship cryptocurrency dipped, top altcoins Ethereum (ETH) and XRP (XRP) snapped their slight gains. ETH and XRP both dropped 3% in 24 hours to trade around $2.5k and $2.36 respectively. BNB price ws down 2.7% to around $664, Solana was up 0.61% to $179, and Dogecoin down 2.8% to $0.23.
The market also saw the prices of Sui (SUI) dip amid the impact of Thursday’s $223 million hack of the DEX and liquidity protocol Cetus. Meanwhile, despite Trump’s dinner with top holders of Official Trump (TRUMP), the memecoin still plunged more than 15% to trade around $13.21. Most other altcoins, including Lido DAO, The Graph and Stacks were down.
But while these top coins dropped, there were a few top performers on the day.
These included Hyperliquid (HYPE), Worldcoin (WLD) and several memecoins. However, the gains were minute compared to bull market rallies. Pepe, Bonk and dogwifhat all rose between 4% and 6%.
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