Bitcoin Crosses $119,000 As Crypto Investors Shrug Off Trump Tariffs On Mexico, EU — Ethereum, Dogecoin Spike: Analyst Says ETH's Pump 'Just The Start'

Leading cryptocurrencies rose on Sunday, while stock futures slipped as President Donald Trump slapped new tariffs on Mexico and the European Union.

What Happened: Bitcoin hit a new high above $119,000, extending its record-breaking run that began earlier this week. The trading volume increased 10.29% to $51 billion in the last 24 hours.

Ethereum topped $3,000 in the morning before retreating to the $2,900 area by evening. The second-largest cryptocurrency was on track to finish the week strong, with gains of more than 16% as of this writing.

Over $247 million was liquidated from the market in the last 24 hours, with $142 million of it coming from bearish shorts.

Bitcoin's open interest spiked 3.58% in the last 24 hours and 15% over the last week, suggesting an influx of fresh money into the derivatives market. Traders on Binance with open BTC positions, however, continued to be short.

The market remained greedy, according to the Crypto Fear & Greed Index, signaling substantial buying pressure.

Top Gainers (24 Hours)

The global cryptocurrency market capitalization stood at $3.72 trillion, following a 1.64% jump in the last 24 hours.

Stock futures fell overnight Sunday. The Dow Jones Industrial Average Futures slid 173 points, or 0.39%, as of 8:36 p.m. EDT.  Futures tied to the S&P 500 dipped 0.40%, while Nasdaq 100 Futures declined 0.40%.

The sell-offs followed Trump’s announcement of 30% tariffs on imports from Mexico and the EU. Earlier in the week, Trump also threatened to impose 50% tariffs on Brazilian goods.

This week, investors will shift focus to the Consumer Price Index report, slated for Tuesday, to gauge the economic impact of Trump's sweeping tariffs on key trading partners.

See More: Best Cryptocurrency Scanners

Analyst Notes: Citing the MVRV pricing bands, widely followed cryptocurrency analyst and trader Ali Martinez said Bitcoin could go as high as $127,000.

The Market Value to Realized Value bands are used to identify potential overbought and oversold conditions in Bitcoin’s market.

Investor and entrepreneur Ted Pillows stated Ethereum's pump this week "was just the start."

"The major rally will start once it breaks above $4,000. It’ll be equivalent to BTC breaking above $20,000 in 2020," Pillows remarked.

Photo Courtesy: sundaemorning on Shutterstock.com

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