The Past Week Was a Rollercoaster Ride for the Cryptocurrency Market

Bitcoin BTC/USD, Ethereum ETH/USD, XRP XRP/USD, and Dogecoin DOGE/USD moved sideways amid tariff uncertainties

The past week saw a rollercoaster ride for cryptocurrency markets, with Bitcoin BTC/USD, Ethereum ETH/USD, XRP XRP/USD, and Dogecoin DOGE/USD trading sideways amid uncertainty over tariffs.

One trader advised against going long on any of these cryptocurrencies as they showed no clear direction.

On the other hand, the OM token of Layer-1 blockchain MANTRA crashed by nearly 90% on Sunday, wiping out a staggering $4.6 billion from the coin's market capitalization. The dramatic plunge, which unfolded over just a few hours, left investors in disbelief and the CEO promising to fix the situation.

Also in crypto news, Michael Saylor, co-founder and executive chairman of Strategy Inc. MSTR, hinted at a resumption of Bitcoin (BTC/USD) buying after a week's pause. His cryptic post, "No Tariffs on Orange Dots," left many speculating about the company's next move.

Later, President Donald Trump slammed Federal Reserve Chair Jerome. Trump's administration is known for imposing tariffs on goods from China, which the former president frequently boasts about.

Despite Trump's tirade, market participants, as tracked by Polymarket, are overwhelmingly betting on no change in the Fed's policy stance for its upcoming May 7 meeting. The probability of a 25 basis point rate hike is currently at 1, while the chances of no change in the interest rate are valued at 99.8.

Finally, Cathie Wood's Ark Invest acquired shares of Robinhood Markets Inc. HOOD, ARK 21Shares Bitcoin ETFC BTC, and 3iQ Solana Staking ETF in a recent SEC filing. The move signals a reshuffling of the firm's crypto portfolio.

Later, President Donald Trump slammed Federal Reserve Chair Jerome Powell for his reluctance to cut interest rates. Trump's administration is known for imposing tariffs on goods from China, which the former president frequently boasts about.

Despite Trump's tirade, market participants, as tracked by Polymarket, are overwhelmingly betting on no change in the Fed's policy stance for its upcoming May 7 meeting. The probability of a 25 basis point rate hike is currently at 1, while the chances of no change in the interest rate are valued at 99.8.