The cryptocurrency market has seen a sharp decline in the past 24 hours, with the business’s market cap dropping by 2.19% to $2.79 trillion. The downturn comes amid increasing regulatory uncertainty, large-scale liquidations, and macroeconomic pressures.
The latest downturn in crypto prices aligns with broader economic concerns. The US government’s decision to impose a 25% tariff on auto imports and other goods from Canada, Mexico, and China has sent shockwaves across global financial markets. Investors fear that the escalating trade war could weaken risk sentiment, leading to a pullback in speculative assets like cryptocurrencies.
Overleveraged traders took the brunt of the sell-off, with total liquidations tallying to $257.35 million. Of this, $198.11 million were long positions, signaling that traders betting on price increases faced significant losses. Bitcoin saw $62.45 million in liquidations, with $48.94 million coming from longs. Ethereum also suffered heavily, witnessing $43 million in long liquidations out of a total of $51.76 million.
Bitcoin has dropped by 1.68% in the past 24 hours, bringing its price to $85,931.61. The asset remains under pressure as market sentiment deteriorates, with Bitcoin’s dominance still holding at over 61% of the total market cap.
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Ethereum followed suit, falling 5.44% to $1,915.94, reflecting a stronger sell-off among top altcoins. Other major cryptocurrencies like XRP and Solana have also recorded significant losses of 4.68% and 3.73%, respectively.
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Despite the bearish market, a few tokens managed to ride against the wave. Cronos led the gainers, climbing 7.58% to $0.1087, followed by Toncoin and Pi Network, which rose by 4.39% and 3.93%, respectively.
On the downside, Story IP suffered the biggest drop, losing 9.98% to $5.21. POL and IMX also recorded steep declines of 9.48% and 9.47%, respectively.
The market has declined due to increased regulatory uncertainty, rising liquidations, and macroeconomic factors such as new US trade tariffs affecting risk appetite.
Ethereum, XRP, and Solana have faced notable declines, with ETH seeing the highest long liquidations.
Yes, Cronos, Toncoin, and Pi Network have posted gains, defying the broader market downturn.
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