The cryptocurrency market has retreated below $3 trillion, dropping 3.5% as President Trump’s softened stance on China tariffs shifts investor focus back to U.S. stocks. Bitcoin struggles around the $93,000 mark, while only SUI and the Trump token see gains among altcoins. Major fraud losses have been reported, particularly affecting seniors, alongside investments in Solana startups and recovery of stolen crypto funds.
The crypto market took a dip on Thursday, with numbers falling beneath the $3 trillion mark, marking a 3.5% drop in just 24 hours. The stir in markets seems spurred by President Trump hinting at easing China tariffs, prompting some investors to cash in on crypto profits to shift back into recovering U.S. stocks. Only two altcoins, SUI and the Official Trump token, seem to shine against this backdrop, posting gains even as the rest of the market falters.
For Bitcoin, it’s been a bit of a struggle. After flirting with a high of $94,300, it seems to have settled around $93,000. This rollercoaster ride can be tied to an uptick in demand as Bitcoin ETFs are feeling a boost from unusual buying pressure. Recent reports show that U.S. spot Bitcoin ETFs saw a remarkable $917 million influx in just one day—amazing in any context, surpassing the prior day’s record.
However, with the prospect of lowered tariffs in the air, experts are starting to worry that this might change the dynamics for Bitcoin ETFs—potentially cooling demand as capital flows back into stocks and other stable assets. If investors pull back, Bitcoin may struggle to break that elusive $95,000 ceiling without a fresh round of excitement.
In altcoin world, aside from SUI and Trump’s coin, things are looking a bit bleak. The market sentiment tanked, bringing the global crypto cap down to $2.99 trillion. The Official Trump token somehow managed to rocket up by 31.7% in the last day, bringing it to a trading price of $12.39. Meanwhile, SUI isn’t far behind with a modest 3% increase, but the broader trend has pointed to a shift towards stable assets, evidenced by stablecoins like USDT and USDC holding steady during this turbulent period.
Meanwhile, some concerning news on the fraud front: the FBI reported a staggering $9.3 billion in crypto-linked scams in 2024, with seniors aged 60 and over accounting for a total loss of around $2.8 billion. Seniors, despite being only 17% of the population, suffered disproportionately, primarily through crypto ATMs and investment scams, with their losses averaging more than $83,000—quite a hit on any budget.
On a more optimistic note, RockawayX announced a $125 million fund dedicated to investing in early-stage projects on the Solana blockchain, amidst a noticeable slowdown in crypto VC funding this year. Their eyes are set firmly on the long-game growth of the Solana ecosystem as they plan to distribute funds among seed investments and even establish an accelerator in Dubai.
In a gripping twist, ZKsync managed to recover $5 million in stolen tokens after the hacker accepted a 10% bounty. This development not only showcased their commitment to security but also reassured users that their funds were safe throughout the ordeal.
In biggest news? The SEC’s Crypto Task Force is getting serious about regulations, setting the stage for potential game changing cross-border sandbox projects. This news could shake up the entire landscape of digital assets, so everyone is watching closely.
In summary, the cryptocurrency market is experiencing some significant fluctuations as it dips below the $3 trillion mark, influenced by potential changes to China tariffs and a gradual shift of funds back into U.S. stocks. Bitcoin struggles to break past $95,000 despite major inflows into ETFs, while only a couple of altcoins—SUI and the Trump token—are showing profit amidst a broader market correction. Recent incidents of significant fraud targeting seniors and the recovery of stolen funds highlight ongoing vulnerabilities, while investments in Solana and regulatory movements suggest a complex future ahead for the crypto world.
Original Source: www.fxstreet.com
