The global cryptocurrency market cap held steady at $3.06 trillion, though it shed over $100 billion in a 3% pullback within 24 hours. This downturn coincided with former U.S. President Donald Trump’s announcement proposing a 100% tariff on foreign-produced films, sparking risk-off sentiment among investors.
Bitcoin Market Analysis
Bitcoin’s price declined to $93,400 on Monday, down nearly 5% from last Friday’s local high of $98,200. Despite the dip, institutional interest remains evident.
MicroStrategy disclosed in a regulatory filing that it purchased an additional 1,895 BTC between April 28 and May 4. This acquisition, funded through recent stock sales, brings the company’s total Bitcoin holdings to 555,450 BTC—representing 2.6% of Bitcoin’s current circulating supply.
Derivatives Activity Signals Rising Volatility
After a quiet weekend, traders are positioning for potential market moves. Bitcoin derivatives trading volume surged 74.97% to $78.25 billion amid the price decline, indicating increased speculative activity.
While volume spiked, total open interest dipped slightly by 0.59% to $63.51 billion, suggesting traders are adjusting rather than closing positions entirely. Options markets showed even stronger activity, with volume up 104.93% to $2.15 billion.
Current market sentiment remains cautious. The long/short account ratio on major exchanges like Binance and OKX remains below 1.0, though positions from top traders show a bullish bias at 1.24, pointing to continued institutional engagement despite macroeconomic uncertainties.
Altcoin Performance: SUI Defies Market Trend
The overall crypto market decline of 3% to $3.03 trillion reflected dampened risk appetite following Trump's tariff comments. Major altcoins including Ethereum (ETH), Solana (SOL), and XRP pulled back approximately 1%, while smaller-cap assets saw more significant losses as traders shifted toward more liquid pairs.
SUI emerged as a notable exception, rallying 5.1% to $3.44 amid strong network activity and investor accumulation. With $1.5 billion in trading volume, SUI became the top performer among top-10 cryptocurrencies.
AI-themed tokens and PolitiFi tokens, including those tied to political figures, showed mixed performance as traders speculated on politically-driven narratives. Meme coin sectors also saw increased activity, reflecting continued sentiment-driven trading.
As Bitcoin derivatives volume jumps 74% and bearish sentiment reemerges following Trump's latest tariff comments, crypto market participants are preparing for a potentially volatile week ahead. 👉 Track real-time market movements
Industry Developments
OKX Relaunches Web3 DEX With Enhanced Security
OKX has relaunched its decentralized exchange aggregator, OKX Web3, following a security pause triggered by suspicious activity linked to the North Korean hacking group Lazarus.
The updated platform now includes:
- Real-time abuse detection and blocking systems
- Enhanced on-chain analytics capabilities
- Live database tracking of suspicious wallets
Security audits conducted by CertiK, Hacken, and SlowMist have verified the upgraded infrastructure, strengthening OKX's compliance and anti-fraud measures.
Michael Saylor's Tribute to Warren Buffett
MicroStrategy Executive Chairman Michael Saylor characterized Berkshire Hathaway as "the Bitcoin of the 20th century" during the company's annual shareholder meeting on Saturday. The comment coincided with Warren Buffett's announcement that he would step down as CEO of Berkshire at year's end, concluding a 60-year tenure.
Buffett confirmed that Vice Chairman Greg Abel will assume the CEO role in 2026. Though stepping down from leadership, the 94-year-old billionaire will retain his shares and remain involved in certain company matters.
Under Buffett's leadership, Berkshire Hathaway achieved a 20% compound annual return between 1965 and 2024.
Frequently Asked Questions
Why did Bitcoin price drop below $94,000?
Bitcoin declined alongside broader crypto markets as investors reacted to former President Trump's comments about imposing 100% tariffs on foreign-produced films. This created risk-off sentiment that affected digital assets along with traditional markets.
What caused SUI's price to increase during the market downturn?
SUI bucked the market trend due to strong network activity and investor accumulation. The token's outperformance with $1.5 billion in trading volume made it the top gainer among major cryptocurrencies.
How are institutional investors responding to the price volatility?
MicroStrategy continued accumulating Bitcoin despite the price drop, adding 1,895 BTC to its holdings. Derivatives data shows institutional traders maintain a bullish bias (1.24 ratio), suggesting they view the dip as a buying opportunity.
What security improvements did OKX implement?
Following incidents linked to the Lazarus group, OKX enhanced its Web3 platform with real-time abuse detection, improved analytics, and suspicious wallet tracking. Third-party audits have verified these security upgrades.
How does Trump's policy proposals affect cryptocurrency markets?
Political announcements that affect traditional markets often create spillover effects in crypto. Trump's protectionist rhetoric triggered risk aversion among investors, leading to temporary pullbacks across risk assets including cryptocurrencies.
What was Michael Saylor's reference to Warren Buffett about?
Saylor compared Berkshire Hathaway to "the Bitcoin of the 20th century" noting its exceptional returns under Buffett's leadership. The comment came as Buffett announced his planned transition from CEO.