XRP and Dogecoin (DOGE) threw himself over 10% to lead to loss among crypto -majors as confirmation of fresh US tariffs in China hit Asian markets on Friday and added to an already tumultuous week for cryptocurrencies.
Bitcoin (BTC) dropped 7% to nearly $ 79,000 for the first time since November, nearly 30% fell since its January top over $ 108,000. Ether (ETH), Cardanos ADA and BNB chain’s BNB showed similar evil with a slide of at least 9%.
The total market value dropped 8% to $ 2.7 trillion, which turned all progress since US President Donald Trump was elected in early November. The widely based Coindesk 20 (CD20) dropped almost 9%.
Solid earnings from NVIDIA Wednesday were not enough to offset the incoming market as global shares wandered on a combination of renewed customs problems, a slower economy and the overstretched positioning that has naturally wasted over to crypto considering BTC’s high correlation with the S&P 500 index, says the trades.
“On a YTD basis, the ex-BTC token and trade mood has struggled mighty with liquidity being depleted from the many Memecoin races, and BTC also ranged from the weight of ETF sales that hit a record high last week,” Augustine Fan, head of insight on SignalPlus, told Coindesk in a telegram message.
Friday’s loss in crypto markets mirrored the Chinese stocks that fell after Trump announced a new 10% duty on Chinese imports. This added to concerns about a growing US -China trade war, the world’s two largest economies.
The new duty adds an existing 10% tax on Chinese goods that started earlier this month. This can hurt China’s economy facing a real estate crisis and falling prices. It can also stop a path in the stock market driven by China’s AI progress – led by Chatgpt Rival Deepseek.
The move comes ahead of China’s big annual meeting, National People’s Congress, which starts next week, with leaders expected to share financial plans and growth goals.
A decision from China to use more or encourage buying to increase the economy can affect the Bitcoin and crypto prizes and serve as market catalyst – making it a key data point to look for next week.
However, the mood remains bearish among some Bitcoin dealers until then.
“Bullish option -speculators also throw the towel in, with volatility that comes lower at a lower spot price when calls are dumped in favor of set,” SignalPlus’ fan said.
“Finally, concern over Mstr (-10%) adds an additional element of risk to BTC, considering their convertible purchased purchases, which sets the bearish atmosphere in a short term extreme on many technical indicators.”
