The geopolitical uncertainty started by the new US president over the weekend took its toll on the crypto market, which is always open for trading.
Bitcoin’s price tumbled by ten grand within a day to an intraday low of $91,500 (on Bitstamp), while the altcoins were smashed with massive double-digit price drops, leaving billions worth of liquidations.
CryptoPotato reported the adverse events that started on Sunday morning when BTC lost the coveted $100,000 mark after Trump imposed tariffs on China, Canada, and Mexico, and those countries announced their retaliation.
Although that was a painful crash of its own, it turned out to be just the beginning. BTC kept plunging on Sunday but remained at around $97,000-$98,000.
However, the Monday morning Asian trading session has not been kind to the asset as it plunged further to $91,500, which became its lowest price point since the January 13 massacre.
This means that the largest cryptocurrency had lost over ten grand within 24 hours or so. Moreover, it went down by $15,000 since Friday’s top of over $106,000.
The violence, though, has spread a lot more among the altcoins. There’s almost no alt sitting with a single-digit price drop, aside from Solana (-8%).
The rest, such as ETH (-20%), XRP (-23%), BNB (-15%), DOGE (-24%), ADA (-25%), LINK (-21%), AVAX (-24%), and XLM (-20%), have shed billions of their own market caps, while the total crypto market cap is down by over $400 billion.
CoinGlass data shows that the total value of wrecked positions during this massacre has shot up to over $2.2 billion on a daily scale. North of 700,000 traders have been liquidated within the same timeframe, with the single-largest position taking place on Binance. It involved the ETH/BTC pair, which is down to a multi-year low and was worth over $25 million.