Panic selling amid growing economic fears of Trump’s controversial tariffs accelerated in the past 12 hours, resulting in massive losses for BTC and the altcoins.
The cumulative market capitalization of all digital assets dumped to a multi-month low of under $2.5 trillion on CG.
BTC Slumps Hard
The primary cryptocurrency had a highly volatile trading week last time around as the asset went from $81,500 on Monday to $88,500 by Wednesday. However, Trump’s escalating Trade War and the subsequent responses from countless countries brought back the panic, uncertainty, and fear.
BTC started to lose value rapidly, and even though it managed to defend the $80,000 support on a few occasions, it ultimately gave in on Sunday evening. After a relatively quiet Saturday, the asset slumped to a monthly low of $77,000 on Monday morning during the Asian trading session.
The landscape worsened in the following hours as the European markets also opened. So far, BTC’s low came at just over $74,000, which is its worst price tag in roughly five months. However, more volatility is expected later when the US markets open as their futures have plunged violently.
For now, bitcoin’s market capitalization has nosedived to $1.5 trillion on CG even though its price has recovered slightly to $76,000. Its dominance over the alts has soared to 60.7% as they have bled out even more severely.
Alts in Freefall Mode
As mentioned above, the landscape around the altcoins is viciously painful. As the graph below will demonstrate, very few have been spared with single-digit price declines, such as BNB. The rest, including ETH and XRP, have plummeted by 15-8%.
The most significant losses come from the likes of KCS (-22%), LTC (-20%), AAVE (-19%), MOVE (-17.5%), UNI (-17.5%), and many others.
This severe crash has erased almost $300 billion from the total crypto market cap in a day, which is now down below $2.5 trillion on CG.
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