Hark! The United States, now ruled by a Bitcoin President, doth witness a crypto market crash most lamentable! Crypto enthusiasts and firms, with coffers overflowing, didst fund Trump’s campaign, dreaming of regulations and policies favorable to crypto in this fair land. Alas, while some progress was made on the stablecoin bill and the Strategic Bitcoin Reserve, Trump, with a flourish and a pronouncement, doth upset the world order with his Liberation Day tariff announcements. 🎭
Lo, Bitcoin (BTC) and its altcoin brethren have tumbled, alongside currencies and equities in the global markets, losing their claim as “digital gold.” While traders, in their folly, may have seen Bitcoin and crypto as a bulwark against declines in global markets, Trump’s tariffs have, with a heavy hand, leveled the field for all assets. 📉
A Table of Contents, forsooth!
US Crypto President’s tariffs erase Bitcoin gains
US President Donald Trump, a man who hath faced more lawsuits than a dog hath fleas in 2024, now sits as the first crypto President, his net worth a princely $5.1 billion, according to the 2025 Forbes Billionaire List. Trump, with cunning and guile, hath managed to turn around his legal woes and a $454 million fraud judgment, crash global markets, and erase Bitcoin gains in less than 100 days of his reign at the Oval Office. What sorcery is this?! 😲
Crypto proponents, with wallets a-bulging, funded Political Action Committees to back this first pro-crypto President less than half a year ago. But alas, Bitcoin holders and traders now find themselves in dire straits, as BTC faces flashcrash after flashcrash. BTC slipped to a new cycle low of $74,500 on Monday, a day most grim. 😭
Yet, fear not! Bitcoin hath made a swift recovery, and BTC is consolidating under the key $80,000 level on Tuesday. A glimmer of hope, perhaps? 🤔
Top 3 tokens to navigate the crypto market crash
Monday’s crypto crash, a veritable tempest, wiped out nearly $300 billion in market capitalization. Yet, amidst the wreckage, three categories of tokens stood firm. Liquid staking derivatives finance category of tokens, LSDFi, top payment solutions coins, and the Bittensor ecosystem tokens held onto their gains from the week past. A beacon of light in the darkness! ✨
Data from CoinGecko doth reveal the top tokens in these categories to be Pendle (PENDLE), Telcoin (TEL), and Bittensor (TAO). Take heed, ye investors! 🧐
PENDLE is the native token of the Pendle Finance ecosystem, a place of intrigue and financial maneuvering. PENDLE holders may use the token for incentives and governance, while those who provide liquidity to the platform receive rewards and rebates on a percentage of trading fees. A merry dance of finance! 💃
Telcoin enables payment solutions on mobile, while Bittensor’s TAO is part of an ecosystem that powers subnets for AI protocols built on the chain. Such marvels of modern technology! 🤖
PENDLE price hath formed higher highs and higher lows since mid-March, a sign most promising. The token could extend gains by another 18% and test resistance at $3.377. RSI reads 51, above the neutral level, and MACD flashes green histogram bars above the neutral line, supporting a bullish thesis for the token. A bull, indeed! 🐂
TEL hath been consolidating under resistance at $0.005363 for nearly a week, a test of patience indeed. The mobile payments token hath ended its downward trend and continues to trade sideways. The daily price chart shows a likelihood of gains in TEL, 18% rally to test resistance at $0.005363. A glimmer of hope for the mobile payment enthusiast! 📱
RSI reads 38 and remains above the oversold zone at 30, MACD shows consecutively smaller red histogram bars, meaning the underlying negative momentum in TEL price trend could end soon. A reversal is likely, or so the charts foretell. If TEL suffers a crash, it could find support at $0.003444. A safety net, perhaps? 🕸️
In the last seven days of March and in April, TAO hath been consolidating, stuck under resistance at $284. TAO’s momentum indicators, RSI and MACD show potential for gains. RSI is sloping upwards and reads 39, MACD shows green histogram bars. A sign of things to come? 🔮
An 18% price rally could push TAO to retest resistance at $245.50, a correction could see TAO test support at $167.80, a key level for Bittensor. A battle of wills, it seems! ⚔️
Bitcoin Price Forecast
Bitcoin hath consolidated since its drop under support at $85,500. BTC continues to hover close to support at $80,000, like a bird perched precariously on a branch. On the daily time frame, momentum indicators signal a likelihood of decline in BTC price. A storm on the horizon? ⛈️
The largest cryptocurrency could test support at $76,900, a 2.69% decline in price. A 4% increase could push BTC closer to resistance at $82,379, the first hurdle in Bitcoin’s path to $85,000. A path fraught with peril! ⛰️
MACD flashes red histogram bars under the neutral line, and RSI is sloping downwards and reads 38, supporting a bearish thesis. A bear in the Bitcoin garden! 🐻
Is altcoin season coming?
The altcoin season index, a tracker to determine whether it is altcoin season, a period where 75% of the top 50 altcoins outperform Bitcoin in a 90-day timeframe, read 65 on March 65. The indicator hath dropped to 33 on Tuesday, as traders digest the developments surrounding Trump’s tariff announcements and the retaliation from its trade partners. A season delayed, perhaps? 🍂
As tariff wars brew, Bitcoin attempts to regain investor confidence as a hedge against uncertainty and maintains its dominance, pushing an “altcoin season” further away. Typically, capital rotation from Bitcoin to altcoins fuels gains in tokens every cycle. Traders may have to wait longer for this phenomenon to occur in this market cycle. Patience, dear investors, patience! ⏳
Expert commentary
Dan Greer, CEO of DeFi App, told Crypto.news that he sees a bounce coming in Bitcoin. Greer said:
“Bitcoin’s drop today is part of a broader risk-off move. When macro stress hits, everything sells off. But unlike equities, Bitcoin isn’t tethered to earnings or central bank policy. Historically, it’s bounced back stronger from macro shocks, especially when trust in traditional systems is shaken. What we’re seeing isn’t a failure of crypto but a flight to liquidity.” A wise observation, indeed! 🦉
Ian Balina, CEO of Token Metrics, believes the meltdown in crypto is part of the plan. Balina told Crypto.news:
“The market has been very volatile due to the ongoing Trump tariff wars. All risk assets from stocks to crypto have had liquidity flushed to the sidelines.” A tempestuous sea, indeed! 🌊
“There’s been speculation that an emergency FED meeting is being scheduled, Trump saying the tariffs will be temporarily paused, and the EU saying they are willing to negotiate tariffs. All this volatility seems to be going according to plan for Trump’s administration as we get closer to having to refine the national debt.” A grand scheme, perhaps? 🤔
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2025-04-08 16:35