The cryptocurrency market witnessed a sharp selloff on Monday, with Bitcoin dropping nearly 5% to $74,524, shedding over $3,100 in value. The decline extended across major tokens, with the market capitalization of key cryptocurrencies falling by tens of billions of dollars.
The downturn came amid mounting macroeconomic uncertainty, driven by fresh tariff shocks from U.S. President Donald Trump. A 25% tariff on imports from Canada and Mexico, alongside a doubled 20% levy on Chinese goods, has triggered global market jitters and intensified the move away from risk assets.
The CoinDesk 20 Index (CD20), which tracks the top tokens by liquidity and market cap, slumped 12%, highlighting a widespread risk-off sentiment in the digital asset sector. Tokens like XRP and Solana (SOL) led the crash, both down more than 20% in the past 24 hours. XRP fell to $1.70, slipping below its 200-day moving average, while SOL breached the $100 mark, falling below its 50-day average.
Dogecoin (DOGE) also plunged 20% to $0.13, marking one of its worst sessions this year. Analysts warn of further downside as liquidations approached the $1 billion mark, reflecting highly leveraged positions unwinding rapidly.
Global investors have shifted their focus to traditional safe havens like gold and the Japanese yen, as geopolitical and economic pressures mount. With Asian and European markets already tumbling, traders expect further pressure on crypto assets ahead of the U.S. market opening.
Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Cryptocurrency markets are highly volatile and subject to rapid changes. Always conduct your own research or consult a financial advisor before making investment decisions.
