Crypto Market Crash: Over $2B In BTC, ETH, XRP, DOGE, & Others Liquidated

The global crypto market crash again in the last 24 hours while investors didn’t even recover from DeepSeek AI and Bank of Japan’s rate hike-led market crash last Monday. Bitcoin and Ethereum prices are now down 6% and 8% in a week, respectively.

The macro factors wreaked havoc on the stocks and crypto markets again as Donald Trump decided to immediately sign the order to impose tariffs on Canada, Mexico, and China. As a result, the global crypto market cap tumbled more than 3% from $3.49 trillion to $3.35 trillion. It means more than $140 billion erased from the crypto market in just under 24 hours.

Moreover, the Crypto Fear & Greed Index has dropped from Greed to Neutral at 47 today, indicating negative sentiment continues to build among investors.

Bitcoin Price and Crypto Market Downfall Due to Trump Tariffs

US President Donald Trump declared a national emergency citing fentanyl and immigrants under the 1977 International Emergency Economic Powers Act (IEEPA). This gave President Trump power to sign an executive order imposing 25% tariffs on Mexico and Canada, as well as 10% tariffs on imports from China.

As a result, Bitcoin and altcoins fell on concerns of a trade war risking higher prices for U.S. consumers. US PCE inflation data on Friday indicated that inflation has increased for three consecutive months. Notably, US stock indexes ended the week lower.

Besides, economists say blanket tariffs with multiple top trading partners are bad for the US, inflation, and lead to higher prices and layoffs. The decision has triggered a trade war as Canada, Mexico, and China retaliate.

Crypto Market Sees $700 Million in Liquidations

Coinglass data indicates over $2 billion in crypto liquidations, with over 735,019 traders liquidated in the last 24 hours. The largest single liquidation order of Binance – ETHBTC value $25.64 million happened on Binance.

It is important to note that the largest liquidation happened during the crypto market crash last Monday. An investor liquidated BTCUSDT valued at $98.46 million on crypto exchange HTX.

Nearly $520 million long and $80 million short positions were liquidated, with BTC, ETH, SOL, DOGE, XRP, TRUMP and RUNE leading the liquidations. In the last 12 hours, $350 million in longs were liquidated causing the crypto market to bleed.

Experts Predict Crypto Market Correction

Crypto trader Skew predicts “short-term mayhem” in the crypto market as uncertainty around how far tariff bluffing will go. He used the term “bluffing” because these tariffs are unlikely to be the final standing percent due to retaliatory tariffs by Canada and other countries.

According to The Telegraph, hedge funds are betting big that the stock market to suffer a devastating crash due to tariffs by US President Donald Trump. Moreover, data from Goldman Sachs is sending shockwaves through financial circles, revealing a dramatic surge in ‘short’ positions against US stocks.

With the crypto market in the crosshairs due to Bitcoin ETFs and institutional interest, Bitcon price fell to a 24-hour low of $99,022. Whereas, ETH price tumbled more than 5% to a low of $3,069. Also, top altcoins XRP, SOL, DOGE, ADA, LINK and others have plunged more than 5% in the last 24 hours.

Meanwhile, the US dollar index (DXY) has jumped to 108.50 indicating a strengthening dollar. Also, the 10-year Treasury yield is spiking above 4.54%. Notably, BTC price usually moves in opposite to DXY and US Treasury yields.

A major selloff may happen only if Bitcoin price tanks below the $95K level. Traders are even staying away due to double-top pattern formation in the daily timeframe.