The global digital assets market is showing a significant decline. Traders initiated a massive sell-off following Donald Trump's new tariff threats, leading to a sharp drop in major cryptocurrencies.
Crypto Market Overview
Ethereum (ETH) price fell by 27% to $2,300 levels, marking its worst intraday drop since May 2021. Bitcoin (BTC) also lost almost 7%, reaching the $92,000 zone. The total crypto market cap dropped by 8%, losing around $500 billion to stand at $3.12 trillion.
Long Position Liquidations
According to data from Coinglass, over 746k traders were liquidated as the market plummeted. The total liquidation amounted to $2.27 billion, with 83% being long positions totaling $1.89 billion. This indicates traders' expectations of a bullish rally sparked by Trump's actions. The fear and greed index flashes 'fear' among investors.
Bitcoin Under Pressure
After reaching the $109,000 milestone, Bitcoin faced pressure from Fed announcements. BTC price dropped by 4% in the last 24 hours, by 4% in the last 7 days, and 8% over the past 60 days. Liquidations led to traders losing over $418 million, of which 82% were long positions. Trading volume surged significantly, reaching $101.74 billion. Ethereum’s price dropped by 17% in the last 24 hours, trading at an average price of $2,596.
Digital assets are facing strong pressure amid new tariff threats, causing significant market fluctuations. Investors should exercise caution due to high uncertainty.
