The crypto market cap has plunged by around 12% in the past 24 hours, down to around $3.1 trillion.
It was the lowest level ever recorded this year, wiping out over $400 billion in less than a day as a sell-off intensified throughout Monday morning trading in Asia, returning the market to mid-November levels.
In addition, more than 700,000 traders have been liquidated with a total of $2.2 billion in the last 24 hours, according to Coinglass data.
After months of high greed, Bitcoin’s fear and greed index has now fallen back to the ‘fear’ level of 44.
BTC plunged around 7.5% from over $100,000 to an intraday low of $91,300 on Monday morning. While it recovered slightly to $95,000 and remained within its current trading channel, things were even worse for altcoins that suffered a major meltdown.
Ethereum (ETH) fell 25% to below $2,400, its lowest since October. This led to the ETH/BTC ratio falling to a multi-year low of 0.023, according to TradingView. ETH is now around $2,500, almost 50% below its all-time high in 2021.
Ripple (XRP) also took a hit, falling more than 26% in just a few hours, plunging below $2 before recovering slightly.
Solana (SOL) returned to $180 after losing 14%, Binance Coin (BNB) fell 16% to $550, while Dogecoin (DOGE) lost 24%, sinking to $0.22.
Bigger losses were suffered by Cardano (ADA), which fell nearly 30% to $0.60, Chainlink (LINK) which fell 23% to $17, and Avalanche (AVAX) which lost 25% to $23.
Several small-cap altcoins wiped out nearly a year of gains in a matter of hours.
Donald Trump’s move to impose trade tariffs on Canada, Mexico, and China over the weekend has rattled global markets, with US stock futures plunging into the red on Monday morning, while Asian stock markets also suffered big losses.
“Bitcoin is fundamentally a risk asset. Aggressive tariffs like this are very negative for risk assets. And the economy will take a huge hit,” commented economist Alex Krüger.
