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The cryptocurrency market has seen a drastic fall for two days in a row. Reports suggest this downturn comes in the wake of President Donald Trump‘s imposing 100% tariffs on China.
On Sunday, the total market capitalization of the crypto market has plummeted to $3.7 trillion, down from a historic high of $4 trillion just last week. The trading volume currently stands at $250.02 billion, as indicated by CoinMarketCap data.
Bitcoin (CRYPTO: BTC), the leading cryptocurrency globally, was valued at $1,11,660.41, while Ethereum (CRYPTO: ETH) was priced at $3,817.26. The wider crypto market experienced a 0.89% fall over the past 24 hours, adding to a seven-day decline of 11.5%.
Market analysts are attributing this downturn to the geopolitical disturbance caused by Trump’s tariffs on China and the restrictions on US software exports, which have ignited fears of a potential trade war.
According to Coinglass data, over $19 billion in bets have been wiped out, with more than 1.6 million traders facing liquidation. Remarkably, nearly $7 billion of those positions were cleared within just an hour of Friday’s trading.
Also Read: Could Bitcoin Really Hit $280,000 in 2025? This Legendary Trader Thinks So
“The focus now turns to counterparty exposure and whether this triggers broader market contagion,” Brian Strugats, head trader at Multicoin Capital told Bloomberg.
There was an 18% drop in open interest among traders as they moved away from risky positions, signaling a low appetite for investment in the crypto market.
Analysts believe this fall is a result of a mix of macro shockwaves and extreme leverage, marking the worst day for crypto since Q1 2025.
According to the data, the Bitcoin was trading at $111,773.13, down by almost 11% in the last seven days. Similarly Ethereum was trading at $3,842.09, down by 16% in the last seven days.
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This article Cryptocurrency Market Faces Renewed Pressure as Bitcoin, Ethereum Drop to Multi-Week Lows originally appeared on Benzinga.com
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