Leading cryptocurrencies pulled back Wednesday evening after President Donald Trump's “Liberation Day” tariff shock. 

What Happened: After breaching $88,000, Bitcoin sharply reversed course, plunging to a low of $82,182.32.

Ethereum saw a similar fate, plummeting to $1,780 from $1,950 earlier in the day.

Over $515 million was liquidated from the market in the last 24 hours, with long liquidations worth $290 million

Bitcoin's Open Interest shrank by 6% in the last 24 hours, while funds locked in Ethereum's unsettled futures contracts dipped by 2.21%.

That said, the Long/Short Ratio increased over the last 24 hours, suggesting an increase in the number of traders placing bullish bets on the leading cryptocurrency.

The market sentiment tumbled into "Extreme Fear," according to the Crypto Fear and Greed Index.

Top Gainers (24-Hours)

The global cryptocurrency market capitalization stood at $2.67 trillion, following a decline of 2.57% in the last 24 hours.

Stock futures tumbled after the tariff announcement. The Dow Jones Industrial Average Futures sank 823 points, or 1.94%, as of 8:33 p.m. EDT.  Futures tied to the S&P 500 fell 2.86%, while Nasdaq 100 Futures plunged 3.62%.

The sell-offs came after the scope and scale of the new reciprocal tariff structure exceeded Wall Street’s worst-case expectations. The new levies on imported goods would be set at 50% of what the trading partners charge the U.S.

Earlier in the day, blue-chip averages closed in the green. The S&P 500 rose 0.67% to close at 5,670.97, while the tech-focused Nasdaq Composite gained 0.87%, ending at 17,601.05. 

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Analyst Notes: Popular blockchain analytics firm CryptoQuant highlighted $65,000 – $71,000 as a strong support zone for Bitcoin.

CryptoQuant defined $65,000 as the True Market Mean Price and $71,000 as the Active Realized Price. "Buying Bitcoin within this range could potentially lead to substantial gains," it projected.

Widely followed cryptocurrency trader Rekt Capital said the altseason would arrive when Bitcoin's dominance hits 71%.

"Bitcoin dominance is currently only 8% away from 71%. Another similar growth spurt would see BTC.D reach that resistance comfortably," Rekt Capital added.

Photo by Avi Rozen on Shutterstock

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