Crypto market in red, bitcoin price more than USD 77,000

The decisions related to the tariff of President Donald Trump in the US have had a major impact on the Crypto market. The biggest cryptocurrency Bitcoin’s price was more than two percent on Wednesday in terms of market value. There is significant resistance at $ 80,000 for bitcoin.

International Crypto Exchange after this report is published Binance But the price of bitcoin was around $ 77,050. The second largest cryptocurrency Ether had a loss of more than six percent. The Ether’s price was trading at $ 1,474. Also there was disadvantage in Solana, Polkadot, Cardano, Stellar, XRP and Tron. In the last one day, Crypto’s market capitalization declined by five percent to about 2.40 million million dollars.

Market analysts say that the US has imposed a 104 percent tariff on China and this leads to uncertainty in the market. The price of bitcoin may fall below $ 75,000. This would be a threat to the entire crypto market. There has been a slowdown in the Ether for the last few months. Its price has fallen more than 60 percent. Its price can decrease significantly when going below the support level from $ 1,500. The century has also weakened between institutional investors. Due to this, the spot bitcoin exchange traded fund (ETFS) has been very withdrawn. The price of bitcoin is below a large support of $ 80,000. However, Billionaire Mark Cuban has advised not to sell as there is a sign of recovery in markets.

Recently, the Executive Director of the Council of Advisors of the President on the Digital Assets of the White House, BO HINES, said that the US government is considering ways to use its gold reserve to submit bitcoins. He had said, “If we redeem the profit on Gold Reserve, it will be a good way to buy bitcoin.” Hines also mentioned the Bitcoin Act introduced by Senator Cynthia Lummis. In this, there was a favor to buy about 1 million bitcoins. This will be about five percent of the total supply of bitcoin. Trump also signed on order to create a strategic reserve of bitcoin.