Dogecoin (DOGE) retraced Tuesday’s gains while Solana’s SOL jumped 8% as crypto markets rebounded on Wednesday to reverse some losses from earlier in the week.
DOGE fell 7.5% on profit-taking, data showed, to trade at 36 cents midday in Europe, paring gains after a jump from 34 cents to 38 cents on Tuesday – when it jumped following the display of the logo of its token on the Elon Musk. Website run by the Department of Government Effectiveness.
The website was then updated on Wednesday morning in Asia to show another animated image of a dog. It was updated again in the afternoon to show only his name and a dollar sign.
Crypto majors posted mixed moves, with BNB Chain’s bitcoin (BTC), ether (ETH), and BNB gaining less than 1% in the past 24 hours, while SOL and Solana jumped up to 7%. The CoinDesk 20 (CD20) on a large scale returned 2.57%.
Hyperliquid’s HYPE token soared 13%, making it the best performer among large-cap tokens with a capitalization above $5 billion. So, traders are looking to Donald Trump’s executive orders and tariff decisions for clues about their market positioning.
“Cryptocurrency markets have fallen as traders take profits and wait to see the potential impact of tariffs on Mexico and Canada, which could impact stock markets at the opening of the US stock market tomorrow,” said Jeff Mei, COO at BTSE in a Telegram message.
“However, we are optimistic that in the coming days and weeks, Trump will issue executive orders and reverse the anti-crypto policies established by the Biden administration. With the recent appointment of pro-crypto Caroline Pham as CFTC Commissioner, we are already seeing positive signals,” Mei added.
Traders such as FxPro’s Alex Kuptsikevich reflected these thoughts in an email to CoinDesk.
“The market’s rapid recovery demonstrates continued interest in risky assets. Bitcoin is trading near the $105,000 mark. It was quickly bought back on Tuesday when it fell to $101,000, but when it hit the $107,000 level early Wednesday afternoon, the market turned to sellers. It is clear that there is great optimism in the market, but an additional factor is needed to provide further momentum,” Kuptsikevich said.