Leading cryptocurrencies witnessed massive sell-offs on Sunday as President Donald Trump's tariff war pounded capital markets.
| Cryptocurrency | Gains +/- | Price (Recorded at 8:30 p.m. ET) |
| Bitcoin BTC/USD | -7.99% | $93,219.10 |
| Ethereum ETH/USD | -25.01% | $2,378.31 |
| Dogecoin DOGE/USD | -26.69% | $0.2147 |
What Happened: Bitcoin was in free fall, crashing below $92,000 for the first time since January 13, before recouping to $93,000. The leading cryptocurrency lost nearly 8% of its value over the last 24 hours.
The rest of the market was hit more severely. Ethereum plunged over 25% to a nearly 3-month low, while Dogecoin plummeted 26%.
The market has been rough after Trump slapped tariffs on key trade partners, a move that could disrupt key supply chains across the North American region and impact economies.
The cryptocurrency market bled profusely, encountering over $2 billion in the last 24 hours and over $1 billion getting wiped out in the last 4 hours.
Bitcoin's Open Interest fell 4.72% in the last 24 hours, suggesting large-scale liquidation of longs.
However, the number of traders betting on the cryptocurrency's upside rose in the last 24 hours, with 66% of Binance futures traders going long on Bitcoin.
"Fear" sentiment engulfed the market, according to the reading on the Crypto Fear & Greed Index, indicating that investors could panic sell.
Top Losers (24-Hours)
| Cryptocurrency | Gains +/- | Price (Recorded at 8:30 p.m. ET) |
| SPX6900 (SPX) | -25.87% | $0.7944 |
| Onyxcoin (XCN) | -24.66% | $0.02321 |
| Optimism (OP) | -23.88% | $1.04 |
The global cryptocurrency market capitalization stood at $3.17 trillion, collapsing by 7.92% in the last 24 hours.
Stock futures tanked Sunday night, mirroring the cryptocurrency market's decline. The Dow Jones Industrial Average Futures plunged 498 points, or 1.10%, as of 8:38 p.m. EDT. Futures tied to the S&P 500 slipped 1.59%, while Nasdaq 100 Futures lost 2.15%.
Investors braced for another big week of corporate earnings, with mega tech companies like Alphabet Inc. GOOGL and Amazon.com Inc. AMZN set to report their financials this week.
See More: Best Cryptocurrency Scanners
Analyst Notes: Popular cryptocurrency market commentator Michaël van de Poppe was undeterred by the altcoin losses and predicted an upside move in the coming weeks.
“The massive bullish divergence on TOTAL3/BTC is still applied. The higher low has still been created, and the continuation on the altcoins should come in the coming weeks,” the trader remarked.
Note that “TOTAL3” corresponds to the cryptocurrency’s total market cap excluding BTC and ETH.
Another well-known cryptocurrency analyst, Ali Martinez, emphasized the importance of Ethereum sustaining the $2,750 support level to justify a rebound to $6,760.
As it turned out, the second-largest cryptocurrency has dropped significantly below $2,750, casting doubt on its positive sentiment.
Photo by Avi Rozen on Shutterstock
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