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Ruholamin Haqshanas
Author
Ruholamin Haqshanas
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Bitcoin and other major cryptocurrencies endured steep losses as global financial markets reeled from escalating trade tensions.
The BTC price dipped below $75,000, with altcoins such as Solana (SOL), Ripple (XRP), and Dogecoin (DOGE) each falling by around 20% in the last 24 hours.
The sudden decline has broken key technical support levels, raising concerns about further downside risks in the short term.
XRP Falls Below 200-Day Moving Average, Sparking Bearish Market Signals
XRP tumbled below its 200-day moving average, currently trading near $1.70, a level closely watched by traders for signals of market momentum.
SOL, meanwhile, slipped under the $100 mark, breaching its 50-day moving average and recording a 64% drop from its all-time high.
Meme favorite DOGE also suffered, falling to $0.13. Analysts attribute the sharp sell-off to mounting macroeconomic uncertainties, forced liquidations, and heightened investor anxiety stemming from the Trump administration’s aggressive trade policies.
President Donald Trump recently unveiled a sweeping tariff package that includes a 25% levy on vehicle imports, a minimum 10% tariff on all imports, and “reciprocal tariffs” aimed at countries imposing duties on U.S. goods.
These measures have rattled markets, leading to capital flight from riskier assets like crypto and a pivot toward safe-haven plays such as gold and the Japanese yen.
Prominent hedge fund manager and Trump supporter Bill Ackman publicly urged the administration to pause the tariff escalation for 90 days, warning that the current trajectory could spark an “economic nuclear winter.”
He emphasized that confidence in U.S. leadership among global business leaders is rapidly deteriorating.
“This is not what we voted for,” Ackman wrote in a post on X, formerly Twitter. “Business is a confidence game. The president is losing the confidence of business leaders around the globe.”
Ackman criticized the administration’s tariff formula — which bases duties on trade deficits — as misguided and economically risky.
Economists have warned that the blanket nature of the tariffs could harm both international partnerships and domestic business investment.
As fears of a prolonged trade war intensify, the negative sentiment is reverberating across crypto markets.
Crypto Liquidations Surpass $1.3B as Markets Continue to Crash
Cryptocurrency markets faced a brutal correction on what’s being dubbed “Black Monday,” with total liquidations exceeding $1.36 billion in the past 24 hours.
The crypto market is falling along with global stock markets following Trump’s ‘Liberation Day’ tariffs.
According to data from CoinGlass, long-positioned futures traders bore the brunt of the market turmoil. Over $1.2 billion of long bets were wiped out, with Bitcoin longs accounting for more than $392 million in losses.
Crypto wasn’t alone in the selloff. U.S. stock futures also plunged Sunday night, heightening fears of a broader market crash.
S&P 500 futures fell 5.98%, Nasdaq 100 futures slid 6.2%, and Dow futures dropped 5.5%, all pointing to a chaotic start to the trading week.
The sharp selloff follows growing macroeconomic uncertainty, intensifying trade tensions, and investor jitters over President Donald Trump’s sweeping tariff order.
