TL;DR:
- Bitcoin (BTC) dropped more than $3,000 in a few hours following Trump’s statements about an escalation of the conflict with Iran.
- The total crypto market cap fell approximately $100 billion from its peak before recovering to around $2.38 trillion.
- XRP surpassed BNB in market capitalization despite also recording a decline of nearly 3% on the day.
Bitcoin (BTC) started the session on April 2 falling toward $66,000 after President Donald Trump ruled out a de-escalation of the conflict with Iran and signaled new attacks ahead. His statements cut short the rebound that had taken Bitcoin up to $69,200 the previous day, generating a $3,000 loss in just a few hours.
Bitcoin’s weekly correction had begun the previous Wednesday when it was rejected at $72,000 and fell to $65,600 on Friday. After losing more than $6,000 in just a few days, BTC bounced back and held above $66,000 over the weekend. On Monday morning it hit a monthly low of $65,000 as some traditional financial markets opened, but buyers halted the decline and allowed it to recover and reach $69,200.
BTC Falls but Maintains Dominance Above 56%
The speech by Trump, which had been anticipated as a signal of relief, turned out to be quite the opposite. The president indicated that the conflict would likely intensify, which triggered an immediate massive sell-off. BTC is currently trading near $66,400, down 3.1%, with a market capitalization of $1.32 trillion according to CoinMarketCap. Its dominance over altcoins remains above 56%.
XRP Flips BNB in a Red Market
The negative sentiment reached virtually the entire market. Ethereum fell more than 4.5% to $2,035, while Solana, HYPE, Chainlink and Avalanche recorded drops of between 5% and 6%. They are trading at $78.9 (SOL), $38.9 (HYPE), $8.49 (LINK) and $8.68 (AVAX). Cardano and Dogecoin pulled back between 3% and 4%, landing at $0.237 and $0.0899 respectively.
Nevertheless, XRP ($1.3) managed to surpass BNB ($580) in market capitalization despite also accumulating a decline of nearly 3.6% on the day. Exceptions to the bearish trend were very scarce: STABLE and ALGO rose more than 19% in the last 24 hours.
The total crypto market capitalization lost around $100 billion from its peak before partially recovering and settling at around $2.28 trillion.
