Cryptocurrency Markets Decline as Dogecoin and Pepe Lead Losses
Cryptocurrencies declined over the weekend, with key points as follows:
- Dogecoin (DOGE) dropped over 8%, leading the losses among major cryptocurrencies.
- Pepe (PEPE) fell by 12%.
- Bitcoin (BTC) decreased over 2%, trading just above $103,600.
- The CoinDesk 20 index fell by 4.2% in 24 hours.
- Ether (ETH) lost nearly 4%, while XRP, BNB, Cardano (ADA), and Solana (SOL) saw declines between 2-5%.
- Cronos Network (CRO) was the only top 100 token to gain, increasing by 12% without an apparent catalyst.
The downturn is linked to renewed U.S.-China trade tensions, with President Trump accusing China of violating a trade truce. Treasury Secretary Scott Bessent noted stalled talks with Beijing.
Investor caution is evident in the derivatives market, with Bitcoin futures open interest up 51% since April and options rising by 126%. Whale wallets that had accumulated Bitcoin are now shifting to net selling, indicating profit-taking.
Analyst Alex Kuptsikevich suggested Bitcoin's local support remains around $103K, but cautioned about potential volatility due to tariff concerns and whale activity.