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Market Update: Bitcoin, Ripple, and more keep correcting

During the night Bitcoin briefly slid to $81,500, but by early morning it regained some ground.

By Mike Hesp
• 2 min read
Market Update: Bitcoin, Ripple, and more keep correcting

During the night, Bitcoin briefly slid to $81,500, but by early morning it regained some ground. Compared with last week, total market capitalization fell 6.7% to $2.66 trillion, a loss of about $190 billion.

Some altcoins are performing worse than the flagship crypto. Ethereum sits at $1,800, down 6% versus last week. Moreover, large ETH holders appear to be scaling back, putting additional pressure on the price.

Ripple (XRP) fell 7% in the same period to $2.07, while Solana (SOL) dropped as much as 12.6% and is around $116 now. Only Tron (TRX) managed to resist the negative trend, rising 3.3% to $0.238.

The pullback was sparked by import announcements from former President Trump, which shook financial markets on Thursday. The S&P 500 fell 4.84%, the NASDAQ 100 dropped 5.4%, and the DAX was down 3%.

EU Commission President Ursula von der Leyen called it "a heavy blow to the global economy." The European Union, China, Canada, and many other affected countries have already announced retaliatory measures.

A recession in the U.S. could prompt the Federal Reserve to cut rates further. For risky bets like Bitcoin and other cryptos, which historically benefit from easy monetary policy, that could actually be a positive scenario.

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