On June 4, 2025, Bitcoin saw a modest decline of about 1%, fluctuating around the $105,000 level amid growing economic uncertainties and increased U.S. steel tariffs. Meanwhile, altcoins such as XRP, Solana (SOL), and the meme coin Dogecoin (DOGE) experienced sharper declines of 2.2%, 1.2%, and nearly 3% respectively, reflecting broader risk-off sentiment in the crypto market.
Macroeconomic pressures, including rising geopolitical tensions like the escalation of the Ukraine conflict and trade disputes involving the U.S., contributed to cautious investor sentiment. The recent U.S. ADP jobs report showed weaker-than-expected job gains, with only 37,000 jobs added in May versus a forecast of 115,000, while the non-manufacturing Services PMI contracted below the 50% breakeven point for only the fourth time since 2020. Such indicators heightened concerns over economic growth.
In contrast, Ethereum (ETH) outperformed many altcoins with a 0.7% gain and has shown strength over the past month. ETFs tracking ETH have attracted nearly $190 million recently, surpassing Bitcoin ETFs in inflows.
Earlier on the same day, Bitcoin maintained support above $105,000 despite renewed geopolitical market jitters and rising cross-border tensions, notably the ongoing U.S.-China tariff standoff. Other major altcoins including ETH, SOL, Cardano (ADA), and XRP showed modest gains of up to 5%, while some memecoins such as Dogwifhat (WIF) and Popcat (POPCAT) surged up to 16%.
Analysts characterize Bitcoin's price movement as a crucial retest phase, aiming to establish firm support before potentially continuing its uptrend. The overall crypto market has performed sluggishly in recent weeks after earlier rallies, with risks of headline-driven volatility persisting.