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The prices of cryptocurrencies collapse, and the total market capitalization of all coins fell by almost 4% to below $ 3.6 trillion.
Bitcoin (BTC) and most altcoins were red, and tokens like Virtuals Protocol, Bitensor, Neo and Jasmycoin were the main backlog. All these tokens collapsed by over 15% on Sunday.
The main reason Bitcoin and other altcoins are crashing are the permanent amount of risk in the financial market in the middle of tariff risks.
President Donald Trump will spend 10% of tariffs on Chinese imports and 25% of charges on Mexican and Canadian goods. Three countries have committed to revenge on these tariffs, risking a significant economic crisis.
The new trade war has led to a great increase in the market in the market. US Capital Reference Indexes ended lower on Friday as markets analyzed Last reading of the preferred inflation metric metric reserve as well as a threat to a tariff.
Dow Jones, S&P 500 and Nasdaq 100 Indexes fell by almost 1%. And American inflation increased at most in eight months, suggesting that federal reserves are unlikely to reduce interest rates soon.
In addition to the market volatility, these tariffs will affect inflation and federal reserves. Economists predict that companies will increase prices to deal with the price change. As such, General Motors and Ford vehicles brought from Mexico will record an increase of 25%. It is the same with other items like TVs and smartphones.
The prices of cryptocurrencies decrease when there is significant volatility and economic risk in the United States. They also fall when the Fed is a very hawk.
Bitcoin price of a double top pattern
Furthermore, Bitcoin and other altcoins are in red after they first formed a high -risk pattern, indicating further side.
It shaped a double superb sample of $ 108,445 and the neckline is $ 88,940. The double top is one of the most popular bear samples on the market.
Bitcoin also formed a sample of a diverenic bear because the percentage pricing and index of the relative power continued to fall. The PPO indicator was derived from MACD, one of the most popular diversion patterns on the market.
Therefore, there is a risk that Bitcoin will fall to $ 88,940, especially if it loses its 50-day average support. As such, Altcoins falls as a risk increase in Bitcoin collision.
