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Bitcoin is back under $110K. Ethereum and Solana are both down 9%, with many altcoins seeing double-digit losses. The rally we saw following softer inflation expectations has fully reversed. Since then, Bitcoin has fallen over 6%, losing all the momentum it had built and now looking increasingly vulnerable to further downside.
It was a rough session overnight as US-China trade tensions resurfaced. Trump made headlines by threatening further tariffs on China, stating he would impose "200% tariffs or something" if China does not supply the US with magnets. He went as far as saying he could "destroy China." These comments weighed heavily on risk assets. Interestingly, gold also fell despite the risk-off tone, while the DXY (US Dollar Index) moved higher.
Right now, bears are in control of Bitcoin and most altcoins. However, Ethereum and Solana continue to show relative strength and still appear to be in the hands of the bulls. When this market turns around, these two are likely to lead the recovery while Bitcoin lags behind. Yes, this pullback is concerning, but it still looks like a pullback within a bull market rather than the beginning of a broader reversal.
Stormrake Spotlight: Hedera (HBAR) ($0.230)
Stormrake Spotlight: Hedera (HBAR) ($0.230)
