Crypto Market Holds Firm as Trump Readies "Liberation Day" Tariffs

The cryptocurrency market remained relatively stable on Wednesday as former President Donald Trump prepares to finalize his "Liberation Day" tariffs later in the day.

Bitcoin (BTC) is up 2.6% over the past 24 hours, trading around $87,000. Ethereum (ETH) dipped 0.6% to $1,905, while XRP gained 0.6% to $2.16. Solana (SOL) climbed 2.5% to $131.

The total cryptocurrency market capitalization decreased by 0.8% over the past day, reaching $2.88 trillion, according to CoinGecko. Liquidations in the same time frame amounted to $226 million across 107,028 traders. BTC led the way with nearly $70 million, while altcoins followed with $38 million.

“Mostly Noise”

Despite concerns that Trump’s tariffs could destabilize markets and drive inflation, experts suggest that the current stagnation indicates these fears are largely overstated.

“In short, it remains the case that noise vastly outweighs signal right now, whether that be on the tariff front, or in terms of price action more generally,” said Michael Brown, senior research strategist at Pepperstone.

“As such, my bias remains to play defense – fading equity upside, sheltering in havens with my long Treasury and long gold view, while also still seeing little to like about the greenback, which remains the most exposed of all assets to the ongoing incoherence from the Oval Office,” he added.

However, Brown noted that investors will need to wait for more clarity as President Donald Trump is set to host a Rose Garden press conference at 4 p.m. EST today to discuss the tariffs.

Over the past two months, Trump has pushed for tariffs on China, Mexico, and Canada, framing them as a strategy to strengthen the US economy.

Bitcoin Whales Accumulate

Meanwhile, Bitcoin’s influence in the market is growing, with BTC dominance nearing a cycle high of 63%, according to TradingView data.

Glassnode data also found that Bitcoin whales—holders with over 10,000 BTC—are increasing their purchases, driving the Accumulation Trend Score above 0.5. The Bitcoin Accumulation Trend Score also rose to 0.23, its highest level since Jan. 4, indicating a shift from distribution to accumulation among larger entities.

In the past 30 days, whales have added more than 129,000 BTC, with buying momentum surging in the last two days—making this the fastest accumulation rate since August 2024.

"The average BTC supply per whale has been steadily increasing since early March," Glassnode said on X, describing this as "another signal of sustained accumulation." However, it remains below December 2024 levels, which Glassnode sees as an indication that there is still room for further growth.