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๏ปฟAnjali Belgaumkar
๏ปฟAnjali Belgaumkar
Author
Writer by choice, CryptoCurrency Writer, and Researcher by chance. Currently, focusing on financial news and analysis, as well as cryptocurrency news and data. One may not call me a crypto โEnthusiastโ but trust me I'm getting there.
- Feb 03, 2025 00:55 UTC
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Red Alert: Crypto Markets Crumble as $1.18 Billion Vanishes in 24 Hours
Cryptocurrency market sees major losses as Bitcoin, Ethereum, and altcoins face sharp declines amid global tensions.
Over $1.1B in liquidations across crypto markets as tariffs and economic uncertainty fuel sell-off and volatility.
Cryptocurrency markets are in the red today, with major coins experiencing major price declines. Bitcoin (BTC) is currently priced at $96,636.4, down by 4.52%, while Ethereum (ETH) sits at $2,826.76, showing a 10.28% drop. Solana (SOL) is trading at $198.03, down 8.48%. Meanwhile, altcoins like XRP and Dogecoin (DOGE) are facing even steeper losses, with XRP at $2.32 (-20.62%) and DOGE at $0.2526 (-19.05%) in the last 24 hours.
The overall market capitalization has dropped to $3.21 trillion, down by 6.50%. The Fear & Greed Index is at 47, signaling fear in the market, while the CMC100 index is down 8.07%, now sitting at $195.19. Bitcoin continues to dominate the market with a dominance of 59.89%, followed by Ethereum at 10.64%.
Geopolitical Tensions Contribute to Crypto Market Sell-Off
The downturn in cryptocurrency prices coincides with increased geopolitical tensions, particularly the new tariffs imposed by the U.S. on several countries. These trade tensions, along with ongoing economic uncertainty, are causing investors to shift their portfolios away from risk-heavy assets like cryptocurrencies. Over the weekend, Trump announced new tariffs on Mexican, Canadian, and Chinese imports, adding to the already fragile global trade environment.
Liquidation Heatmap Shows Significant Losses
Massive Liquidations Across Major Cryptos Highlight Market Volatility
As of the latest 4-hour liquidation heatmap, the total liquidations across multiple exchanges have reached staggering amounts. Ethereum (ETH) leads the way with over $111 million in liquidations, followed by Bitcoin (BTC) at $62 million. Other cryptocurrencies such as XRP, Dogecoin (DOGE), and Solana (SOL) have also seen considerable liquidation volumes. In the past 24 hours, the total liquidations have reached $1.19 billion.
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FAQs
The crypto market is down due to increased geopolitical tensions, including new U.S. tariffs, and broader economic uncertainty.
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