Bitcoin's recent surge above $94,000 was short-lived as it quickly returned to below $84,000, erasing recent gains. Altcoins such as SOL, DOGE, and ADA also experienced significant corrections.
BTC's Sharp Reversal
Bitcoin experienced significant volatility following the US president's announcement of initiatives to establish a crypto reserve. On Sunday, BTC hit $95,000 but fell below $90,000 after tariffs were introduced and military funding to Ukraine was paused.
Altcoins in Decline
Most altcoins posted double-digit losses. Ethereum dropped to $2,100 after an 11.5% decline, XRP slumped to $2.35, and SOL dumped beneath $140 following a 16% decrease. DOGE, ADA, and others followed this trend.
Market Overview
The total cryptocurrency market cap erased all gains from Sunday's pump and is down by over $300 billion to under $2.9 trillion.
The current situation in the cryptocurrency market reflects high volatility driven by international political events, requiring a more cautious approach to investments.
