Renewed U.S.-China trade tensions, combined with large Bitcoin whale sell-offs, sparked a broad sell-off across the crypto market over the weekend.
Dogecoin (DOGE) took a hard hit, plunging over 8%, while meme coin Pepe (PEPE) dropped 12%, leading losses among major altcoins.
Bitcoin slipped more than 2%, dipping below $104,000 and trading near $103,600 in Asian markets on Saturday. The CoinDesk 20 index, which tracks the top cryptocurrencies, fell 4.2% over the past 24 hours.
Ether (ETH) declined close to 4%, with XRP, BNB Chain (BNB), Cardano’s ADA, and Solana (SOL) all retreating between 2% and 5%. The only exception was Cronos Network (CRO), which surged 12% despite no clear catalyst.
Analysts attributed the downturn to escalating tariff concerns between the U.S. and China.
“Markets turned bearish Friday amid fresh worries over trade tensions,” said Alex Kuptsikevich, chief market analyst at FxPro. “President Trump accused China of breaking a recent tariff agreement, while Treasury Secretary Scott Bessent acknowledged stalled negotiations.”
Investor caution was also evident in derivatives markets, with Bitcoin futures open interest rising 51% since April and options activity climbing 126%, according to Deribit data.
Notably, Bitcoin whales shifted from accumulating coins to selling, moving holdings back to exchanges, signaling profit-taking amid market uncertainty.
“Bitcoin support appears stable near $103,000 for now,” Kuptsikevich added. “But with geopolitical tensions heating up and large holders reducing exposure, traders should prepare for heightened volatility.”
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