The crypto market today, May 31, remained under pressure as concerns about trade and the historically weak performance in June continued. Bitcoin dropped to $103,000, while the market cap of all coins fell by double digits. Let’s explore some of the top movers in the cryptocurrency market today.
Why the crypto market is falling today
Bitcoin and most cryptocurrencies continued its strong downward tend as concerns about trade rose. Donald Trump has threatened to impose a 50% tariff on all imported steel and aluminium.
He said this at a campaign rally in Pennsylvania, where he made the case for his approval of the Nippon and US Steel purchase. Details of that transaction are still thin, though the US is expected to maintain a golden share in the company.
The statement came on the same day that he accused China of not living to its deal in Switzerland. Also, Scott Bessent, the Treasury Secretary, warned that talks between the two countries had moved into a stalemate.
These risks have led to a sense of fear among market participants, which explains why the stock market has also pulled back.
The crypto market crashed as investors positioned themselves for June, a month that s historically bearish for Bitcoin and other altcoins.
Read more: Crypto market crash: is this the end of the bull run?
Cronos price jumped as ETF hopes rose
The Cronos token hit a high of $0.1070 on Saturday, its highest level since April 2, and 57% above its lowest point this year. CRO price jumped after Canary filed for a spot CRO ETF with staking feature. This fund will give investors access to the staking fee that users get.
The daily chart shows that the CRO price bottomed at $0.067 in March and then bounced back to a high of $0.1070 today. It has moved above the ascending trendline that connects the lowest swings since February.
Therefore, the coin will likely keep rising as bulls target the 50% retracement level at $0.1500, which is about 40% above the current level.
Livepeer price crashes
Livepeer price chart | Source: TradingView
LPT token surged to $14.23, its highest level since January 18, and up by 342% from its lowest level in April. It jumped sharply after it was listed by Upbit, the biggest crypto exchange in South Korea. Tokens often surge after being listed by Upbit and other major exchanges.
These gains, however, are usually short-lived, which explains why the Livepeer price has dropped sharply on Saturday. Technicals suggest that the token has more downside to go, with the next price to watch being at $6.65. A move above the resistance at $14.23 will invalidate the bullish outlook.
Read more: Solana price prediction: here’s why SOL is crashing and what next
Dogwifhat price crashes
WIF price chart | Source: TradingView
The WIF token price has plunged in the past few days, moving from a high of $1.3962 to $0.8380. It has moved slightly below the 50-day moving average and formed a small double-top pattern.
The Relative Strength Index (RSI) and the MACD indicators have all pointed downwards, a sign that the downtrend is gaining momentum. Therefore, the Dogwifhat price will likely continue falling as sellers target the psychological point at $0.50.
Read more: Dogwifhat coin surges to five-month high: will WIF break past $2?
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