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The cryptocurrency market witnessed a notable downturn as Bitcoin (BTC) fell over 2% on Sunday.
Bitcoin and ether fell on Sunday as President Donald Trump took a harder line on trade policy with China, while broader cryptocurrency market anxieties surfaced with a huge altcoin rugpull.
What Happened
Bitcoin (BTC) dropped more than 2% in the 24 hours to 3:00 AM ET on Sunday, with the world’s largest cryptocurrency falling below the $79,000 level. The cryptocurrency faced selling pressure following Trump’s indication that the U.S. may impose tariffs on a broader range of Chinese-manufactured electronics.
The administration is also considering taxing smartphones, semiconductors, and laptops from China, in addition to the tariffs announced last week on household goods.
World’s second-largest cryptocurrency ether fell below the $1,600 mark, reflecting broader market anxieties.
Among altcoins, MANTRA (OM) token crashed 90% in an hour after it was hit by a major rugpull.
"The timing and depth of the collapse suggest that account positions were closed very abruptly without adequate warning or notification," Mantra co-founder John Patrick Mullin said in a statement on X, formerly Twitter.
The crypto market experienced a downturn as the Trump administration delivered mixed signals over the imposition of new tariffs on Chinese-manufactured electronic devices.
The total cryptocurrency market cap reached $2.69 trillion in the 24 hours leading up to 7:34 AM ET.
Top Altcoins to Watch
Flare (FLR) cryptocurrency, which powers the Flare network designed to extend consensus mechanisms across multiple blockchains and provides a secure environment for smart contract transactions, experienced a 16.44% surge in value over 24 hours. It now trades at $0.017.
Decentraland (MANA) token, the cryptocurrency used in the Decentraland blockchain, saw a recovery as investors returned to the crypto market, presenting an opportunity for technical indicators to work in its favor. MANA's value went up by 7.47% in the past day, with its price at $0.287.
Raydium (RAY), the cryptocurrency that powers the decentralized exchange protocol in the Solana ecosystem, continued its ascent following the announcement of the new LaunchLab platform and increased user engagement. RAY's price went up by 6.65%, reaching $2.03.
Tron (TRX), known for expanding its ecosystem with new partnerships and DeFi projects, saw a slight increase of 3.55%, with its price at $0.256.
Solana (SOL) cryptocurrency experienced a surge in value as part of the broader cryptocurrency market recovery, showing an increment of 2.85%. It's currently being traded at $133.27.
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