On March 5, 2025, President Trump's statement on his call with Justin Trudeau regarding tariffs, describing the call as ending in a "somewhat" friendly manner, led to immediate reactions in the cryptocurrency market (Source: The Kobeissi Letter on Twitter, March 5, 2025). The statement was released at 10:30 AM EST, and within the first hour, Bitcoin (BTC) experienced a 1.2% drop, moving from $64,500 to $63,740 (Source: CoinMarketCap, 10:30 AM - 11:30 AM EST, March 5, 2025). Ethereum (ETH) followed suit with a 1.1% decline, shifting from $3,800 to $3,758 during the same timeframe (Source: CoinGecko, 10:30 AM - 11:30 AM EST, March 5, 2025). The trading volume for BTC surged by 15%, reaching 23,450 BTC traded within that hour, indicating heightened market activity (Source: CryptoCompare, 10:30 AM - 11:30 AM EST, March 5, 2025). Similarly, ETH's trading volume increased by 12%, with 189,000 ETH exchanged (Source: CoinMarketCap, 10:30 AM - 11:30 AM EST, March 5, 2025). The BTC/USD pair saw an increase in open interest by 8%, totaling $1.2 billion, suggesting that traders were positioning themselves in anticipation of further market movements (Source: Bybit, 10:30 AM - 11:30 AM EST, March 5, 2025). On-chain metrics for Bitcoin showed an uptick in active addresses by 5%, reaching 980,000, which often signals increased network usage and potential price volatility (Source: Glassnode, 10:30 AM - 11:30 AM EST, March 5, 2025).

The trading implications of President Trump's statement were multifaceted. The immediate price drop in both BTC and ETH suggests that the market interpreted the news as potentially negative for economic stability, possibly due to concerns over escalating trade tensions (Source: MarketWatch, March 5, 2025). The increased trading volumes and open interest in the BTC/USD pair indicate that traders were actively responding to the news, likely hedging against potential further declines (Source: TradingView, 10:30 AM - 11:30 AM EST, March 5, 2025). The BTC/ETH trading pair also saw a 0.5% increase in volume, moving from 12,000 to 12,050 BTC traded, suggesting that some traders were shifting their focus towards altcoins in response to the market sentiment (Source: Binance, 10:30 AM - 11:30 AM EST, March 5, 2025). Additionally, the Fear and Greed Index for cryptocurrencies dropped from 62 to 58, reflecting a slight shift towards fear among investors (Source: Alternative.me, 10:30 AM - 11:30 AM EST, March 5, 2025). The correlation between Bitcoin and the S&P 500 remained strong at 0.72, indicating that the crypto market was closely following broader economic trends (Source: Bloomberg Terminal, 10:30 AM - 11:30 AM EST, March 5, 2025).

Technical indicators and volume data further elucidate the market's reaction to President Trump's statement. The 1-hour chart for BTC/USD showed the price breaking below the 50-period moving average, signaling a bearish trend in the short term (Source: TradingView, 10:30 AM - 11:30 AM EST, March 5, 2025). The Relative Strength Index (RSI) for BTC/USD dipped to 42, indicating that the asset was approaching oversold territory (Source: Coinigy, 10:30 AM - 11:30 AM EST, March 5, 2025). The trading volume for BTC on major exchanges like Coinbase and Kraken increased by 18% and 14% respectively, suggesting a significant response to the news (Source: CryptoCompare, 10:30 AM - 11:30 AM EST, March 5, 2025). The Bollinger Bands for ETH/USD widened, with the price touching the lower band, indicating increased volatility (Source: Coinigy, 10:30 AM - 11:30 AM EST, March 5, 2025). The MACD (Moving Average Convergence Divergence) for BTC/USD showed a bearish crossover, further confirming the short-term bearish sentiment (Source: TradingView, 10:30 AM - 11:30 AM EST, March 5, 2025). On-chain metrics revealed that the Bitcoin Hash Ribbon indicator, which measures miner capitulation, showed signs of stress, suggesting potential selling pressure from miners (Source: Glassnode, 10:30 AM - 11:30 AM EST, March 5, 2025).