3 min read
The cryptocurrency markets took a gut-punch on Wednesday as Trump trade shocks sent investor confidence spiraling.
Bitcoin (BTC) fell 1.2 percent to hover around $118,000 (PKR 32,893,000), slipping from its recent record near $123,000 (PKR 34,225,500). Ethereum (ETH) suffered a heavier hit, plunging 2.9 percent in just 24 hours to settle at $3,607 (PKR 1,004,309.5).
But the carnage was far worse for altcoins. XRP tanked over 9 percent to $3.24 (PKR 902.34), while Solana (SOL) nosedived more than 6 percent to $189 (PKR 52,606.5), wiping out its recent push past the $200 (PKR 55,700) milestone.
MEXC analyst Shawn Young pointed out, “SOL’s rise was a validation of its evolving market narrative,” but noted that macroeconomic headwinds have now disrupted that story.
Trump Trade Shocks Hit Cryptocurrency Markets
At the center of the turmoil were aggressive trade claims made by former U.S. President Donald Trump. In a pair of late-night Truth Social posts, Trump announced a “massive” $550 billion (PKR 153.175 trillion) trade deal with Japan. He stated the U.S. would receive 90 percent of the profits and gain access to Japanese automotive and agricultural markets.
In another move, Trump revealed a new trade agreement with the Philippines, allowing 19 percent tariffs on specific goods starting August 1. These sudden and dramatic announcements left investors rattled.
With global risk already elevated, markets responded by shedding high-volatility assets — and crypto was first in line.
Cryptocurrency Markets Stats: A Brutal 24-Hour Snapshot
-
Global Crypto Market Cap: Down 6 percent to $3.93 trillion (PKR 1,094.9 trillion)
-
Total Trading Volume: $220 billion (PKR 61.27 trillion)
-
Total Liquidations: $561 million (PKR 156.28 billion)
-
Long Positions: $442 million (PKR 123.1 billion)
-
Short Positions: $119 million (PKR 33.13 billion)
-
Top Liquidations:
-
Ethereum: $123 million (PKR 34.25 billion)
-
Bitcoin: $55 million (PKR 15.32 billion)
-
Altcoins: $84 million (PKR 23.4 billion)
Ethereum ETFs Offer a Glimmer of Hope
While most digital assets took a hit, Ethereum found an unexpected silver lining.
ETH exchange-traded funds (ETFs) attracted nearly $534 million (PKR 148.7 billion) in inflows on Tuesday, marking the third-largest daily net inflow on record. This also capped a 13-day winning streak for ETH ETFs.
July 23 coincided with the one-year anniversary of Ethereum ETFs in the U.S. According to Lido DAO’s Kean Gilbert, this shows sustained institutional confidence in Ethereum.
“The next evolution for ETFs will be capturing staking rewards while staying liquid,” Gilbert noted. He added that liquid staking tokens like stETH could become essential for institutional investors.
Meanwhile, U.S. spot Bitcoin ETFs experienced net outflows of $68 million (PKR 18.93 billion), reflecting a dip in sentiment following the Trump trade shocks. You can now check in real time how BTC and ETH change with respect to PKR. Click on the converter here.
