The cryptocurrency landscape experienced significant turmoil as liquidations surged past $864 million during early-Monday trading hours across Asia. This sudden downturn was primarily driven by a broader market sell-off, with XRP, Ethereum, and Bitcoin leading the losses, while a variety of smaller altcoins also faced severe declines.
Traders who had positioned themselves in long positions were particularly hard hit, accounting for approximately $783.4 million of the total liquidations. In contrast, short positions only suffered losses of about $80.8 million, indicating that many investors were caught off guard as the market opened in the U.S. on a bearish note.
According to data from CoinGlass, Bitcoin experienced around $230 million in liquidations alone, making it the most affected asset, followed by Ethereum, which saw nearly $155 million in liquidations. Other notable altcoins, including Solana, XRP, and Dogecoin, collectively accounted for approximately $61 million, $41 million, and $35 million in liquidations, respectively.
This widespread sell-off coincided with geopolitical tensions, particularly following U.S. President Donald Trump”s announcement of new tariffs on several European nations. The tariffs, starting at 10% in February and escalating to 25% by June, have instigated fears of a potential global economic downturn, prompting investors to move to safer assets.
Market reactions have shown a notable shift in sentiment. As Bitcoin currently comprises 59.1% of the total cryptocurrency market, trading activity has surged significantly, with a reported $101.44 billion traded over the last 24 hours—a rise of over 69% compared to previous levels. The total market capitalization has dipped by 2.7%, settling at $3.13 trillion.
At the time of writing, Bitcoin is trading at approximately $92,640, reflecting a decrease of 2.5% in the past 24 hours. Ethereum has fallen by 3.35%, currently priced at $3,201, while XRP has dropped by 4.66% to $1.96.
The Fear and Greed Index stands at 45, suggesting a neutral market sentiment among traders. Meanwhile, the Altcoin Season Index is at 26, indicating that Bitcoin is outperforming most other cryptocurrencies at this time.
As the situation unfolds, market participants are advised to remain vigilant and assess their positions carefully, given the heightened volatility and underlying macroeconomic uncertainties.
