Bitcoin and Ether in a Tariff Tizzy: What Happens Next? You Won’t Believe It!

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  • Bitcoin ETFs waded through $326.3 million in outflows, all thanks to Trump’s tariff tango. 🎩🕺
  • Surprise! XRP ETF launch ignites hope amidst the doom and gloom of the crypto cosmos. 🌌✨

It appears that the great universe of cryptocurrency has been shaken to its very core by none other than Donald Trump and his rather imaginative tariff whims. The result? A cacophonous clamor echoing through the digital valleys where cryptos roam, specifically in the ETF kingdom.

Bitcoin ETF update: The Great Exodus

In an astonishing turn of events, investor sentiment decided to take a vacation, and Bitcoin [BTC] ETFs were left standing at the departure gate, watching $326.3 million exit stage left. According to the melancholy musings of Farside Investors, it was BlackRock’s IBIT that led the march to freedom, shedding a staggering $252.9 million. In a twist of fate deserving of a sitcom, Bitwise’s BITB tripped in right behind with a measly $21.7 million and Ark 21Shares’ ARKB lost a mere $19.9 million. Talk about a dramatic cast of characters! 🎭

Meanwhile, a few ETFs like Fidelity’s FBTC, Valkyrie’s BRRR, VanEck’s HODL, and WisdomTree’s BTCW decided to sit quietly in the corner like wallflowers at a high school dance, utterly unaffected.

Ethereum ETF analysis: The Survivors

Yet, in a grand plot twist resembling an underdog flick, Ethereum [ETH] spot ETFs came out much less scathed, with only Fidelity’s FETH losing $3.3 million. Exhale now, dear reader; no need for a collective sigh of relief just yet.

As the digital dust settled, Bitcoin and Ethereum decided to perform an impromptu dramatic fall, dropping to $76,040.20 and $1,451.01 respectively. The numbers fall like a bad government cartoon, reflecting dips of 4.53% and 8.09%. Oof! 🤦‍♂️

Technical indicators confirmed all suspicions—yes, we were in the grips of a bearish trend. The RSI descended to around 30, lingering in the depths of despair well below the ‘neutral’ resort level. Strong selling pressure? More like a stampede! 🐂💨

This downward spiral coincides with a collective investor freak-out fueled by ceaseless macroeconomic uncertainty. What a thrilling chapter in the story of financial adventures!

Community Chronicles: The Tariff Chronicles

While the ever-charismatic Donald Trump continues to flirt with the idea of a 104% tariff on Chinese imports, crypto enthusiasts wonder if they’re trapped in some dystopian sitcom plot. This has left the crypto realm more vulnerable than a cat on a hot tin roof, especially in light of Bloomberg’s somber sentiments—who knew crypto was so sensitive? 😿

Sean McNulty, Head of APAC Derivatives at FalconX, remarked with a reassuring tone to Livemint,

“It seems like people have given up on a major recovery in crypto in the first half of the year.”

To add some more drama, Riya Sehgal, a Research Analyst at Delta Exchange, chimed in with a similarly uplifting forecast,

“Bitcoin’s sharp drop below $75,000, triggered by the U.S.’s steep 104 percent tariff on Chinese imports, highlights how global trade tensions are now key drivers of digital asset volatility.”

She further added, with the gallows humor typical of market watchers,

“With over $400 million in liquidations and shorts making up 60 percent of open interest, investor sentiment has clearly turned cautious.”

XRP ETF: A Ray of Light in the Crypto Darkness

As if scripted by a well-read science fiction author, amidst the swirling chaos, a speck of optimism has appeared! Enter the U.S.’s first Ripple [XRP]-based ETF, launched on April 8th by none other than the gallant asset manager, Teucrium.

Designed to grant twice-daily returns tied to XRP, it offers exposure without needing to actually hold the legendary asset. It’s like getting a VIP ticket to a concert without ever getting out of your pajamas! 🎤🎉

This development follows the SEC’s surprising court drama, where the case against Ripple was slowly escorted to extinction, igniting hopes of a spot XRP ETF approval by 2025—yes, folks, this glimmer of confidence is apparently at around 75%! 🥳

In this otherwise bleak climate, the launch might just signal some form of acceptance for XRP in mainstream ventures, or perhaps even a hint of institutional interest making its way into the big, bustling bazaar of cryptocurrency.

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2025-04-09 22:21