The global cryptocurrency market has faced a significant downturn, with the total market cap dropping to $2.46 trillion, marking a 7.79% decrease in the last 24 hours. This decline comes amidst growing macroeconomic concerns, particularly rising interest rates, which have raised fears of instability across financial markets.
The recent crash has been exacerbated by a sharp sell-off in U.S. equities, directly linked to the new global tariffs imposed by former President Donald Trump just days ago. This move has added to the market’s uncertainty, sparking widespread panic and liquidation across crypto assets.
According to Coinglass, the total liquidations in the past 24 hours have reached a staggering $985.78 million, underscoring the severity of the market’s reaction to recent events.
Major cryptocurrencies have all faced heavy losses in this tumultuous period. Bitcoin (BTC) has dropped to $77,338.50, marking a 7.23% decline over the past 24 hours. Ethereum (ETH) is trading at $1,551.52, down 14.19%, while XRP has fallen to $1.81, reflecting a 14.52% decrease. Binance Coin (BNB) and Solana (SOL) have also experienced notable losses, with BNB down 6.51% and SOL declining by 13.96%.
Market sentiment has turned to extreme fear, as indicated by the Fear & Greed Index plummeting to 17. This sentiment often signals potential buying opportunities, but the current volatility makes it a risky environment for investors.
Traders are now closely monitoring the market to see if cryptocurrencies can stabilize or if further declines are on the horizon. The upcoming days will be crucial in determining the direction of the next market movement and the resilience of cryptocurrencies in the face of external economic pressures.