#What Happened to Bitcoin's Price Recently?
Bitcoin experienced a significant decline, dropping below $90,000 early Tuesday. This decline of over 3% is a direct result of escalating trade tensions that negatively impacted risk assets across the global markets. Bitcoin is the leading cryptocurrency by market capitalization, and its recent downturn reflects broader economic concerns.
On Sunday, President Trump sparked market volatility by announcing new tariffs and hinting at a trade war against European nations that oppose his efforts to acquire Greenland. This announcement contributed to a rapid decline in Bitcoin's price, which fell from $95,000 to $92,000 by Monday morning and continued downward, crossing the critical $90,000 threshold on Tuesday.
#What Impact Did This Have on the Crypto Market?
The swift decline in Bitcoin's value also triggered significant liquidations in the market. In the past 24 hours, liquidations totaled over $580 million, with nearly $150 million occurring just within the last hour. Long positions in both Bitcoin and Ethereum were primarily affected, leading to forced closures as traders reacted to the market's rapid descent.
The overall cryptocurrency market mirrored Bitcoin's downturn, with total market capitalization falling approximately 3%, amounting to $3.1 trillion according to data from CoinGecko.
#Which Other Cryptocurrencies Were Impacted?
As Bitcoin fell, major altcoins also experienced sharp declines. Ethereum saw its price retreat close to $3,000, while Solana dropped to $127 and XRP fell to $1.91. Among the most significant declines, Monero experienced the steepest fall of over 11%, decreasing to $538. This marks a drop of more than 32% since Monero reached a new all-time high of nearly $800 last week.
Hyperliquid was another casualty in this environment, losing 7% over the past 24 hours and trading near $22, demonstrating that the bearish trend affects a wide range of assets within the cryptocurrency ecosystem.