Bitcoin, Ether, Solana, Cardano Fall; What To Know

Former U.S. President Trump signed an order including tariff exemptions for numerous food products, while speaking at the time of this report. Bitcoin fell to $91,292, and Ether lost support below $3,000 after 126 days. Many cryptocurrencies experienced losses exceeding 5%.

During his remarks, Trump discussed chips and Venezuela, speaking with a raspy voice and explaining he was “shouting about trade.” An upcoming Supreme Court decision on tariffs could pose a challenge, especially as he heads toward the 2026 midterms and faces Democratic attacks related to the Epstein case. He stated he expects the U.S. to capture a significant portion of the chip production market by 2026, foreshadowing potential tariff benefits by mid-to-late 2026, and signaled potential action regarding Mexico.

The tariff adjustments are viewed positively for easing inflationary pressures, while delays in tariff distributions could impact monetary easing expectations. However, the focus remains on the December interest rate decision and Supreme Court rulings. Concerns about potential actions toward Mexico and Venezuela continue to weigh on the market.

Reasons behind the current downturn have been examined through on-chain data, technical analysis, news flow, macroeconomic factors, and philosophical and political considerations. Trader Capo noted that while he generally anticipates downturns, the current wave appears extended, suggesting a possible short-term bottom with strong recovery, particularly for AI tokens.

The S&P 500 fell by 1.39%, while the tech-heavy Nasdaq Composite declined by 1.45%. The VIX, a measure of market fear, rose by 15%, mirroring concerns within the cryptocurrency sentiment index. A statement from Fed Waller indicated support for a 25bp rate cut in December, an expected position with limited immediate impact.

Bitcoin’s key support level was previously at $94,400, but its loss signals a halt to the April rally. Support levels at $90,200, $88,000, $82,000, and $74,000 will be watched closely. Ether has now retraced gains from the past 126 days, and a return to support levels between $2,759 and $2,360 is possible. Solana’s key level was $112, and a failure here could lead to a decline towards $88-$105. Cardano continues to struggle, with a move below $0.53 potentially pushing the price toward $0.434.

Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility.