The cryptography market crashes today, on May 30, when traders remain concerned about trade relations between the United States and China. The price of Bitcoin collapsed below $ 104,000, continuing a downward trend that started last week when it reached a record.
Some of the best delayers in the cryptography market were Ethena, Fartcoin, Arbitrum, Floki, Raydium and Bonk, who plunged more than 11%. Other tokens that collapsed were harsh popular names like Pancakeswap, Dogwifhat and Celestia.
Acceleration of the cryptography market accelerates
The sale continued throughout the week. However, the pace has grown after Scott Bessent, the secretary of the treasury, warned that the talks between the United States and China had stalled after the last meeting in Switzerland. He suggested that Donald Trump and Xi Jinping are discussing a solution to end the door.
In an article on social networks, Trump said that China is already raping the conditions agreed in Switzerland. Although he did not provide details, officials noted that China had interrupted rare earth expeditions to the United States.
China, for its part, reacted angrily to the decision of Trump’s administration to start to expel Chinese students from American universities. He also plans to ban the sale of high -tech products to Chinese companies.
The cryptocurrency market works well in the event of certainty on key issues, such as trade and monetary policy.
The Bitcoin price has also implored due to taking advantage of investors after reaching a record level last week. Bitcoin and other assets often withdraw each time they take an important step, because some investors make profits. As a rule, when Bitcoin (BTC) sneezes, the rest of the cryptocurrency market catches a cold, which is why they all plunge.
Seasonality is another factor contributing to the drop in the cryptography market. Investors probably position themselves for June, which is historically one of the worst months of the cryptography industry. The average Bitcoin yield in June is less than 2%, while that of Ethereum is less 7%.
Find out more: Bitcoin Price if it reaches a market capitalization of $ 100 billion such as predicting Saylor
Bitcoin to conduct the recovery of cryptography
Fortunately, Bitcoin, who drives the cryptocurrency market, remains in good shape. As we wrote on Thursday, the Bitcoin supply continues to decrease, while demand increases. The sales on trade has increased from more than 3.2 million pieces to 1.35 million, while the FNB Bitcoin Spot have just cried the milestone of $ 45 billion in terms of entries.
The price of Bitcoin has also formed a model of cup and hand and is supported by the 50 days and 100 days mobile averages, signaling an increasingly increasing potential. Altcoins will organize a strong increase if Bitcoin bounces.
Find out more: Crypto crash: Why do Bitcoin and Altcoins fall?
