Over $450 million in crypto futures positions were liquidated due to sudden market swings following the announcement of new US tariffs on auto imports.
Futures Liquidation and Economic Impact
The crypto futures market took a significant hit after the new US tariffs on auto imports and trade partners were announced, casting a shadow of uncertainty over global markets.
Major Cryptocurrencies Fall
Bitcoin initially rose briefly on the news, perhaps on hopes that the economic fallout would be short-lived. However, sentiment quickly changed, and major cryptocurrencies retreated. Bitcoin fell back below key technical levels, and Ethereum slipped under significant support. Altcoins also felt the pressure: XRP and Dogecoin tested important support zones, while Solana lost approximately 4% of its value.
Altseason Opportunities
Despite this volatility, there is hope for an altseason. Analysts are watching for signs that altcoins could defy the bearish trend. Several altcoins are approaching key price thresholds, potentially triggering a rally.
Market instability due to new US tariffs continues to concern crypto investors, though some analysts remain optimistic about altcoin opportunities.
