Bitcoin falls to $104,000 while ETH trades flat as traders brace for new tariffs.
The cryptocurrency market experienced volatility on Monday following President Donald Trump’s announcement that tariffs on steel and aluminum imports would be doubled to 50%.
After reaching a new all-time high of $111,000 just over a week ago, Bitcoin (BTC) is now trading at $104,000, down 1% over the past 24 hours. Ethereum (ETH) traded flat at $2,538. XRP is down 0.6% on the day to $2.16 while Solana (SOL) decreased nearly 2% to $152.
The total cryptocurrency market capitalization dropped by 2.2% on the day to $3.38 trillion. Leveraged liquidations amounted to $156 million across 73,559 traders, according to CoinGlass. BTC accounted for approximately $45 million, followed by ETH with around $36 million.
Meanwhile, on May 30, U.S. spot Bitcoin and Ethereum exchange-traded funds (ETFs) recorded $616 million in outflows. Meanwhile, spot BTC ETFs attracted $70 million in inflows, according to SoSoValue.
Notably, BlackRock, which manages the iShares Bitcoin Trust (IBIT) ETF, deposited 4,113 BTC (worth around $429.4 million) to Coinbase Prime. LookOnChain noted that this is BlackRock’s “first move to sell after more than a month of consistent buying.”
Tariff Troubles
Experts are attributing the recent market volatility to President Trump’s latest tariff-related remarks, as well as anticipation surrounding upcoming comments from Federal Reserve Chair Jerome Powell.
On Friday, Trump announced new tariffs on steel and aluminum, stating that they will take effect on June 4. This comes as tensions continue to rise between the U.S. and China. “China, perhaps not surprisingly to some, HAS TOTALLY VIOLATED ITS AGREEMENT WITH US. So much for being Mr. NICE GUY!,” Trump said in a post on his Truth Social platform last week.
“The focus today is on what comes from Jerome Powell’s comments and whether this has any direct correlation with cryptocurrency markets,” said Paul Howard at Wincent. “Given volatility is still relatively low, we can expect the price movements for BTC between $100,000 and $110,000 in the coming weeks and still maintain a bullish view more structurally over the coming months.”
Weekly Fund Flows
Last week, digital asset investment products recorded $286 million in inflows, bringing the seven-week total to $10.9 billion, according to CoinShares data.
However, despite the continued inflows, total assets under management (AuM) fell from an all-time high of $187 billion to $177 billion by the weekend. The decline comes amid “market volatility triggered by uncertainty over US tariffs,” the report reads.
Ethereum led the inflows with $321 million, marking its strongest six-week streak since December 2024. Meanwhile, Bitcoin suffered a mid-week reversal, ending with $8 million in outflows.
