Crypto Market Dips 3% as Altcoins Crash 11-13% Post-Trump Announcement

The cryptocurrency market experienced significant volatility late Wednesday and early Thursday, with several altcoins, including Hyperliquid (HYPE), Berachain (BERA), and Bonk (BONK), crashing by double digits. Bitcoin (BTC) also gave up gains from above $88k, reflecting the broader market jitters following the announcement of “Liberation Day” by US President Donald Trump. The global market cap dipped 3% to $2.67 trillion, with the fear & greed index sinking to 24. Analysts suggest that prices are likely to drop further before bouncing back.

The broader crypto market continues to respond to macroeconomic data and policy decisions, with tariffs being the dominant factor influencing sentiment. Notably, there is significant interest on the regulatory front as two stablecoin bills in the US advance from Senate and House committee stages. Additionally, Ripple’s unlocking of 500 million XRP and the Russian government’s plans to turn BTC seized in criminal cases into state revenue have made headlines. Stablecoin issuer First Digital has also responded to Justin Sun’s claims, terming them as FUD. In other news, Tezos-based fantasy game Stables has announced its expansion into the North American market, eyeing traction via a partnership with Equibase.

Among the top altcoins, HYPE, BERA, and BONK bore the brunt of the market downturn. Hyperliquid’s HYPE fell more than 13% to below $11.80, while BERA, the native token of Berachain, dropped 12% to $6.26. Solana meme coin Bonk (BONK) also tanked more than 11% to $0.00001091. The negative sentiment was reflected across many other altcoins, with Ethena, TRUMP, Jito, and Toncoin also down 10% or more.

Despite the altcoin slump, some cryptocurrencies bucked the trend. Bitcoin, which had spiked above $88k the day before, showed resilience as bulls looked to hold $83k. The strong inflows into US Bitcoin spot exchange-traded funds contributed to this performance. Among the top 100 cryptocurrencies by market cap, the biggest gainers included Story (IP), MANTRA (OM), and DeXe (DEXE), each rising between 3% and 5%. Litecoin (LTC) was also one of the top movers in the past 24 hours, currently hovering around $84.

As for the crypto market outlook going into the US tax day, the overall sentiment remains one where investors are on edge. The events of “Liberation Day” and the concerns around tariffs could swing sellers into action, which means HYPE, BERA, and BONK might not be the only major coins to record significant losses. Meanwhile, Bitcoin dipping below $84k brings the $80k mark into play.