Ah, the glorious dance of nations! The United States and China, locked in a trade war embrace so tight it threatens to suffocate the global markets, including our beloved crypto. It seems the Americans, in their infinite wisdom 🤪, have decided to slap a 104% tariff on China, starting April 9th. And the Dragon? Well, it’s not exactly known for turning the other cheek, is it?
Crypto Market Risks More Downside With US Set To Impose 104% Tariffs On China
The crypto market, that fragile little butterfly, risks a further crash as the trade winds howl. A Bloomberg report, the voice of reason in a world gone mad, reveals that the Yanks are indeed proceeding with this 104% tariff. One can almost hear the coins trembling in their digital wallets.
As Coingape, a beacon of hope in the crypto wilderness, reported, that flamboyant fellow Trump threatened an additional 50% tariff if China didn’t bow down and lift its own 34% tariffs by April 8th. But China, bless its stubborn heart, has made it clear it has no intention of yielding. The audacity!
So, this 104% tariff is a Frankenstein’s monster of earlier tariffs plus the 50% threat. China, of course, promises to retaliate. They’ll fight to the bitter end, they say. One wonders if they’ll be fighting with blockchain-based swords and shields. ⚔️
The crypto market is already feeling the burn 🔥. Bitcoin, that digital golden calf, has plummeted below $77,000. Coinglass data, the market’s grim reaper, shows almost $50 million in liquidations in the last hour. Long positions, the optimists of the crypto world, have been decimated. A fitting reward for their naive faith, perhaps?
Crypto analyst Mikybull Crypto, a name that inspires confidence, revealed that the total market cap has flashed a sell signal. He ominously notes that this happened in 2018 and 2022, ushering in the bear market. But 2019/2020? Ah, that was the outlier, thanks to the pandemic. A reminder that even global pandemics can be bullish for crypto. Go figure. 🤔
BTC Could Still Drop To As Low As $70,000
Crypto analyst Rekt Capital, a name that evokes images of financial ruin, predicts Bitcoin could bottom out around $70,000 amidst this trade war debacle. He points out that when Bitcoin’s daily RSI crashes into the sub-28 level, it’s not necessarily the bottom. Just a prelude to further pain. 😢
Rekt Capital, in his infinite wisdom, states that historically, the actual price bottom is -0.32% to 8.44% lower than the price when the RSI first bottoms. He claims BTC is forming its second low, -2.79% below the first. A repeat of -8.44% below the first low would put Bitcoin around $70,000. Sounds like a solid foundation for a retirement plan, doesn’t it?
So, buckle up, comrades! The crypto market could witness a massive crash as Bitcoin plunges to $70,000. Ethereum, that would-be Bitcoin killer, has dropped below $1,500. And the altcoins? Well, they risk sinking to new depths of despair. A fitting end to this crypto carnival, perhaps. 🎪
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2025-04-08 21:32