Cryptocurrency markets have fallen to their weakest levels in six weeks shortly after US President Donald Trump declared that he rescued the crypto industry.
In a post shared on Truth Social on Wednesday, Trump accused former SEC Chair Gary Gensler and what he described as an “anti crypto army” of nearly destroying the American digital asset sector by pushing Bitcoin, crypto perpetuals, and innovation overseas.
Trump stated that he stepped in to reverse that trend, claiming the United States has now become the global hub for crypto activity.
“America is now the crypto capital of the world, and builders and entrepreneurs are coming back to the United States where they belong,” he wrote.
He also promised that his administration would establish a long term digital asset framework designed to withstand opposition from critics of the industry.
“The new frontier of finance is being built in America, and Trump will never let crypto down,” he added.
In another post, Trump warned that other nations are attempting to overtake the United States in crypto leadership but insisted his administration would not allow that to happen.
“It is a major industry, and we must protect it,” he said.
Bitcoin Hits Six Week Low While Ethereum Falls Below $2,000
Under normal market circumstances, supportive remarks from a major world leader could have boosted investor confidence. Instead, crypto markets reacted negatively as bearish sentiment intensified.
The total crypto market dropped nearly 3%, erasing more than $80 billion in value.
Data from Coinglass showed that approximately 165,000 traders were liquidated over the past 24 hours, with total liquidations reaching $928 million. Long positions accounted for 93% of those losses.
Bitcoin declined 3.2% to around $72,800, marking its lowest price since mid April. The leading cryptocurrency has now fallen roughly 8% over the past two weeks and appears to be moving closer toward the $60,000 range again.
Ethereum also suffered heavy losses, sliding more than 4.4% below the key $2,000 psychological level to trade near $1,975. That marks its weakest level since late March.
Altcoins across the broader market remained deep in the red as selling pressure continued to intensify throughout the sector.
Market intelligence platform Santiment noted that many retail traders responded to Ethereum’s drop with renewed “buy the dip” optimism.
“Retail has erupted with buy the dip calls toward ETH as a result of this drop below a key psychological support level,” the firm reported.
Santiment added that such optimism from retail traders can sometimes signal further downside ahead because crowd sentiment often proves inaccurate during volatile market conditions.
Renewed US Iran Tensions Add More Pressure to Markets
Crypto markets also faced additional pressure following renewed military tensions involving the United States and Iran.
According to Reuters, the US launched another round of strikes on Iranian military targets late Wednesday while also intercepting four Iranian drones considered a threat near the Strait of Hormuz.
A US official described the actions as “measured” and “purely defensive,” saying the operations were intended to preserve the ceasefire.
Iran later responded by launching an attack on a US military base in Kuwait, further escalating geopolitical tensions and adding uncertainty across global financial markets.#crypto#cryptonews https://coinsignals.net https://t.me/coinsignalpublic
