Crypto wrap: BTC, ETH see losses as POKT and LPT defy downtrend

Cryptocurrencies experienced some sharp declines on Friday as the broader market slid amid fresh tariff-related headwinds, with Bitcoin (BTC) and Ethereum  (ETH) extending losses below key levels.

While the top coins hit resistance and dipped, a few small cap altcoins exploded, including Pocket Network (POKT) and Livepeer (LPT).

Notable on Friday was also the commencement of phase two distributions for FTX creditors, with $5 billion set for release starting May 30, 2025.

Bitcoin dips amid macroeconomic headwinds

Tariffs returned to the spotlight on Friday as stocks plunged following President Donald Trump’s declaration that China had “violated” the trade agreements between the two countries.

The selloff spilled over into crypto markets, with the renewed uncertainty amplifying volatility.

On the legal front as well, tensions remain high as a US appeals court stayed a recent ruling that had blocked most of Trump’s tariffs, signalling that the legal battle over trade duties may be far from over.

BTC, top altcoins, and stocks also bled despite the Personal Consumption Expenditures (PCE) Price Index, a key Fed inflation gauge, showing price increases slowed in April.

Core PCE rose 2.5% annually over the month, in line with economists' expectations, and was lower than the 2.7% reading seen in March.

ETH leads top altcoins lower

As the S&P 500 and Dow pulled back, the Bitcoin price plummeted to under $105k. The volatility also cascaded into top altcoins.

Ethereum price dipped 4% to near $2,550 at the time of writing, while XRP shed nearly 5% to $2.17 and Solana dipped to under $160.

XRP and SOL traded lower despite a major announcement from Coinbase, which posted on X:

“Starting June 13, we’re enabling 24x7 trading for $XRP and Solana ($SOL ) futures, unlocking real-time access to US traders, reflecting the always-on nature of crypto markets.”

Top gainers and losers today

The market did not just witness declines for BTC, ETH, and the top 10 coins.

Overall sentiment was largely negative as most smaller caps also nosedived.

While XRP, Solana, and BNB all witnessed between 3% and 5% dips, many of the other popular altcoins saw even bigger losses.

Dogecoin (DOGE) recorded double-digit losses, down more than 10% in 24 hours.

NEAR Protocol -13%, Worldcoin -11%, and Arbitrum -12% were among the top losers. 

Further down the market cap ranking, the biggest losers in the day included Huma Finance, MANTRA, and Ethena, which nosedived 23%, 18%, and 14%, respectively. 

Meanwhile, top gainers included Pocket Network and Livepeer, which rose a staggering 350% and over 150% in the past 24 hours, respectively.