Crypto Market Slump: BTC Drops Below $90K
Crypto Market Update (February 25): A significant market downturn caused widespread investor concern on Tuesday. Bitcoin (BTC) dropped below $90,000, while Ethereum (ETH) fell below $2,500. XRP and Solana experienced sharp declines of 8%-13%, mirroring the broader market trend. This downturn is largely attributed to Donald Trump's renewed tariff announcement for Canada and Mexico and substantial liquidations.
Market Decline: Causes and Impacts
Donald Trump's announcement that U.S. import tariffs on Canada and Mexico will proceed after a 30-day pause fueled speculation of a trade war, impacting global markets. The cryptocurrency market reacted negatively, losing nearly 5% and falling below the $3 trillion mark during early Asian trading hours. Liquidations totaled a significant $887.85 million in the past 24 hours. This broader market negativity impacted BTC and leading altcoins, resulting in a bearish trend.
Bitcoin's Intraday Low
While BTC recovered to $92,152 at press time, CoinMarketCap data shows an intraday low of $90,924.90. This drop was accompanied by $271.69 million in liquidations over the past 24 hours. Despite the price decline, BTC's dominance increased by 0.94% to 61.16%, suggesting greater pressure on altcoins.
Ethereum's Sharp Drop
ETH experienced an 8% drop in the past 24 hours, closing at $2,490. The coin ranged from a low of $2,461.52 to a high of $2,735.15. Coinglass data reveals $192.53 million in liquidations, contributing to the price decline. Ethereum's market dominance fell to 10.1%.
XRP and Solana Declines
XRP fell 8.5%, trading at $2.26 after reaching an intraday low of $2.23 and a high of $2.50. Liquidations for XRP totaled $38.25 million. Solana (SOL) experienced a more significant 14% decline, closing at $137.19, with $90.60 million in liquidations.
Meme Coin Performance
Dogecoin (DOGE) dropped 10% to $0.2077, while Shiba Inu (SHIB) fell 8% to $0.00001367. PEPE and TRUMP also experienced significant losses, falling 13%-15%.
Top Performing Cryptocurrencies
- Story (IP): Price: $4.72, 24-Hour Gains: +20%
- DeXe (DEXE): Price: $19.11, 24-Hour Gains: +4%
- FTX Token (FTT): Price: $1.91, 24-Hour Gains: +1%
Top Losing Cryptocurrencies
- Hyperliquid (HYPE): Price: $18.58, 24-Hour Loss: -16%
- Sonic (S): Price: $0.7257, 24-Hour Loss: -15%
- LidoDAO (LDO): Price: $1.37, 24-Hour Loss: -15%
Market uncertainty remains, particularly with the looming implementation of U.S. import tariffs. The impact of these tariffs and potential trade war escalation on crypto prices remains to be seen.
Disclaimer: This information is for educational purposes only and does not constitute financial advice. Conduct thorough research before investing in cryptocurrencies. Codeum is not responsible for any financial losses.