Just after Bitcoin hit a new all-time high of $112,000, a bold move caught everyone’s attention. James Wynn, a high-profile crypto trader and risk-taker, has opened a massive short-term Bitcoin trade with 40x leverage. With $1.27 million on the line, Wynn is betting that Bitcoin’s price is about to drop.
But does this mean another correction is coming soon?
James Wynn Short Bitcoin With 40x Leverage
According to Lookonchain, James Wynn just put 27,522 USDC into Hyperliquid and picked up nearly $4,000 in referral rewards. He then used the money to open a 40x leveraged short on Bitcoin, betting that the price would drop.
With this much leverage, even a small drop could give him big profits, but if Bitcoin rises instead, he could lose it all fast.
Right now, Wynn’s short is worth 11.45 BTC, or about $1.27 million. If Bitcoin climbs past $112,360, his trade will be liquidated. Meanwhile, this risky bet comes as Bitcoin keeps testing $112,000.
While many traders see this level as strong support, Wynn thinks a price drop is near.
Bitcoin Could Dip Before Surge
Meanwhile, Popular crypto analyst Crypto Jelly shared an hourly Bitcoin chart showing that the world’s top crypto is dipping slightly, but there might be a bounce waiting just around the corner.
In his shared chart, Bitcoin touched a $112,000 level recently but is now drifting around the $110,700 mark. The white line Crypto Jelly drew hints at a possible small drop before a sharp bounce that could push Bitcoin back up near $109,300 and beyond.
As of now, Bitcoin is trading around $110,815, reflecting a jump of 1.5% in the last 24 hours.
A recent social media post from Senator Bill Hagerty has provided a deeper insight into The GENIUS Act, which many also refer to as the stablecoin bill. This proposed legislation, according to the Senator, aims to modernize and strengthen the United States’ financial infrastructure. Stablecoin Bill Will Boost Payment Efficiency and US Dollar Dominance At its core, the GENIUS Act seeks to propel America’s payment system into the 21st century. It means that the country wants to modernize its approach to payments by including new technology or making existing methods more efficient. By passing the stablecoin bill, people and businesses can have safer, quicker and smoother financial activities. This updated system would tackle restrictions such as slow payments, costlier transactions and problems from cyber criminals using outdated technology. The listing of the RLUSD stablecoin on its fourth crypto exchange is an example of the rapid adoption of these cryptocurrencies. A… Read More at Coingape.com
Solana (SOL) is at a critical point after recently breaking above $150 and surpassing a major milestone of 400 billion total transactions.
On-chain activity remains strong, but momentum indicators like RSI and narrowing EMA gaps suggest bullish strength has started to cool. SOL is now trading near an important support level at $145.59, with both downside risks and upside opportunities in play.
Solana Network Surpasses 400 Billion Transactions
Solana just shattered a major milestone, surpassing 400 billion total transactions. The achievement comes during renewed momentum for SOL, with the price recently pushing above $150 for the first time since early March before facing a modest pullback.
On-chain activity remains strong, with decentralized exchange (DEX) volume surging to $21 billion over the last seven days—a 44% increase that keeps Solana firmly at the top of the leaderboard.
Solana has also seen an ecosystem explosion in the last year. Pump alone has generated over $75 million in fees over the past month, while heavyweight protocols like Raydium, Meteora, Jupiter, and Jito continue to generate millions in monthly revenue.
Momentum Cools for SOL as RSI Falls Sharply From Recent Highs
The RSI, a widely used momentum indicator, measures how quickly and strongly prices move over a given period. Readings above 70 signal overbought conditions, and below 30 indicate oversold territory. A level around 50 typically reflects a neutral stance, where buying and selling forces are more balanced.
The market is at a key crossroads with Solana’s RSI now hovering near 50.
If bullish pressure picks up again, the RSI could rise back toward overbought levels, paving the way for another leg higher. On the other hand, a continued drift lower could confirm weakening momentum, opening the door for a broader price correction.
SOL’s Bullish Setup Faces Test: Support or Breakout Ahead?
Solana’s EMA lines still signal a bullish setup, with short-term averages above long-term ones. However, the gap between them has narrowed compared to a few days ago, reflecting a loss of momentum.
Solana price is currently hovering near a key support level at $145.59—an area traders are watching closely.
Bitcoin is holding steady around $108,700, showing resilience while the global markets react to Trump’s Tariffs. Bitcoin remains mostly unfazed and shows growing confidence among investors. The institutional demand also remains strong with steady ETF inflows.
New Tariffs Incoming
President Trump shared in a Tuesday evening post that he is all set to announce new trade tariffs targeting at least 7 countries, with more to be followed later. This would spark sudden volatility across global stock markets and crypto. The letters will announce new tariffs of 25% to 40%, set to take effect on August 1, 2025.
Will Crypto Market Drop Again?
He has warned earlier that if 14 countries don’t strike trade deals by early next month, then tariffs will jump back to the higher April levels.
Recently, he slapped tariffs of 25% to 40% on 14 countries, and it quickly impacted the crypto market. Within 24 hours, the total market had dropped 4.5% and all the major coins were trading in red. Bitcoin dipped 1.56% to just under $108,000, while Ethereum fell 1.89% to $2,535. Dogecoin saw the biggest drop, sliding 4.78%.
BREAKING:
U.S. TO IMPOSE TARIFFS ON 7 COUNTRIES STARTING AUGUST 1.
Stocks like Microstrategy and Robinhood also closed lower, and Bitcoin mining stocks dropped even more sharply. The impact was seen in the broader market, too. The Dow, S&P 500, and NASDAQ all dropped.
This was similar to what happened in April, when U.S.-China trade tensions sent Bitcoin below $80K and triggered major sell-offs.
Trump has also announced an additional 10% tariffs on countries that support BRICS. With more tariffs set to kick in on August 1, the crypto market could stay under pressure, and further declines are also possible.
Critics warn that Trump’s tough tariff plans could hurt the global economy and even push the U.S. toward a recession. But he has held by them and says that it’s necessary.
Trump Says Tariffs Have No Effect on Inflation
The U.S. just added over $350 billion in debt in a single day, hitting a new all-time high and the biggest spike since 2024. Analysts claim that this is bullish for Bitcoin and crypto as concerns over fiat stability continue to grow.
The hopes for a July rate cut have also faded from 90% to just 61%. The rising tariffs and inflation fears may keep the Fed from easing, and this could limit crypto’s upside. However, Trump claims that according to a new CEA study, tariffs had “zero” impact on inflation. He is now calling out Fed Chair Jerome Powell to cut interest rates immediately.
Bullish Momentum For Bitcoin?
Bitcoin’s breakout is strong, and the market is holding up. Some analysts believe that the worst-case scenarios, including a potential war, are already priced in. With rising money supply, there could be bullish months for both crypto and stocks, targeting $120K–$130K for BTC.
Almost no reaction in the charts, Trump imposing 25% tariff on Japan and South Korea today. I keep telling that the absolute worst case including a potential war is currently priced in, meanwhile the money supply keeps increasing! Bullish months ahead for Stocks and Crypto
For Bitcoin to stay bullish, it needs to hold above $99,000. After dipping to $107,400 to fill its CME gap, BTC now has a solid shot at pushing toward the $110K-$114K range in the days ahead.
The post Donald Trump to Hit 7 Nations With Tariffs on Aug 1st, Will Crypto Market Crash? appeared first on Coinpedia Fintech News
Bitcoin is holding steady around $108,700, showing resilience while the global markets react to Trump’s Tariffs. Bitcoin remains mostly unfazed and shows growing confidence among investors. The institutional demand also remains strong with steady ETF inflows. New Tariffs Incoming President Trump shared in a Tuesday evening post that he is all set to announce new …
BREAKING:
(@DrProfitCrypto)