Why is Crypto Crashing?
The crypto market today has suffered a major setback today, with the global market cap plummeting by 4.90% to $2.99 trillion. A sharp spike in trading volume, which surged 75.57% to $143.57 billion, reflects heightened panic selling across the market. The Fear & Greed Index has dropped to 29, indicating a shift toward fear as investors react to broader economic concerns.
Market sentiment was rattled by former U.S. President Donald Trump’s statement that import tariffs on Canada and Mexico will move forward. The 30-day pause on tariffs is set to expire soon, adding to global economic uncertainties. Following this, the market also witnessed over $914 million worth of positions being liquidated in 24 hours. As a result, investors now fear potential ripple effects on financial markets, with crypto being among the hardest hit.
Bitcoin price plunged by 4.03%, bringing its tag down to $91,839.04. With dominance at 61.1%, its downturn has weighed heavily on the broader crypto landscape. Ethereum, Solana, and XRP have also experienced sharp declines, losing 8.24%, 12.02%, and 8.41%, respectively.
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While the market is largely in the waters, a few assets have defied the trend. IP token rose as the biggest gainer, surging 27.20% in 24 hours. DEXE and PAXG also posted modest gains, up 4.51% and 0.28%, respectively.
On the losing end, Lido DAO led the market decline, crashing 14.48%. SUI and AAVE followed closely with losses of 14.31% and 14.25%, respectively.
The market is experiencing a significant drop due to over $914 million in liquidations, rising fear levels, and uncertainty surrounding U.S. import tariffs.
Bitcoin price today is trading at $91,839.04 after a 4.03% decline in the last 24 hours.
IP token led the market gains, surging 27.20% in the past 24 hours.
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