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Tariff tensions shake crypto markets as Bitcoin dips to lowest in week
The decline followed a legal twist in the United States, where a federal appeals court on Thursday temporarily reinstated Trump's extensive tariff measures. This came just a day after a US trade court ruled that Trump had exceeded his authority in imposing the duties and ordered them to be halted immediately. READ MORE
Despite this legal back-and-forth, Bitcoin has shown signs of recovery. As of 10:23 AM on Friday, May 30, Bitcoin was trading at $106,061.71, reflecting a decline of 1.29 per cent over the previous 24 hours. Over the past 24 hours, Bitcoin has fluctuated in the range between $104,684.72 and $108,910.05, according to data from CoinMarketCap.
The cryptocurrency had a 24-hour trading volume of $56.77 billion, while its market capitalisation stood at $2.1 trillion, maintaining its position as the most valuable cryptocurrency. At present, Bitcoin is trading 5.38 per cent below its peak recorded on 22 May 2025.
Tariff tensions weigh on Bitcoin sentiment
Vikram Subburaj, CEO of Giottus Crypto Platform, attributed Bitcoin's recent decline to renewed tariff concerns. 'Bitcoin has slipped to its lowest level in a week as tariff worries resurfaced. Despite Nvidia's strong quarterly results, US stock indices remained subdued as the Trump administration challenged a court order to reverse the tariffs.'
Subburaj added that with uncertainty mounting, risk-on markets have experienced liquidity withdrawals. 'Bitcoin's four-hour chart shows a shift in market structure, signalling a potential further decline, possibly towards the early $100,000 range.'
Meanwhile, Bitcoin, Edul Patel, co-founder and CEO of Mudrex, believes, is consolidating near $106,000 amid geopolitical uncertainty, as stalled US–China trade talks revive trade war concerns. "Additionally, macroeconomic pressures such as higher-than-expected US jobless claims and a 0.2 per cent GDP contraction in Q1 2025 have added to short-term market caution."
Despite this, Patel remains optimistic about the outlook of the flagship currency, citing that institutional confidence in Bitcoin remains strong, "with $432 million flowing into spot Bitcoin ETFs, helping in price recovery."
Currently, Bitcoin, Patel said, needs to reclaim the $108,000 level for sustained momentum. "On the flipside, if we do not get follow-through buying, Bitcoin could test the $103,700 level."
Ethereum and other altcoins trade lower
Meanwhile, Ethereum (ETH), the world's second-largest cryptocurrency by market capitalisation, was also following a similar trajectory. At last check, it was quoted trading at $2,637.83, down 3.34 per cent. Ethereum has fluctuated in the range of $2,564.87 to $2,743.57 in the last 24 hours.
Ethereum, Subburaj believes, has to hold on to the $2,600 support level to maintain its relative strength against Bitcoin.
Among other popular cryptocurrencies, Cardano (ADA) was trading lower by 5.12 per cent, Solana (SOL) was down 3.63 per cent, Hyperliquid (HYPE) declined by 3.15 per cent, Ripple (XRP) by 2.67 per cent, and Binance Coin (BNB) was trading lower by 1.38 per cent.
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