The cryptocurrency market remained under pressure on Monday, with Bitcoin slipping below $78,000 during early trading in Asia. Data from CoinGecko showed the top 10 digital assets all in the red. Altcoins were hit even harder—XRP, Ethereum, and Solana dropped sharply, falling 15.8%, 17.2%, and 16%, respectively, over the past day.
The downward trend wasn’t limited to crypto. Asian markets also took a hit, with Japan’s stock market extending its decline, now down 8.5%, marking its weakest point since October last year. U.S. futures hinted at a 4% decline, and European stocks also slipped as investors shifted toward safer assets, which caused global bond yields to fall.
According to Monday’s Kobeissi report, global stock markets have lost more than $20 trillion in value since Feb. 19. The driving forces behind this sell-off include growing uncertainty around tariffs and rising global trade tensions.
Last week, U.S. President Donald Trump imposed a 10 percent tariff on all imports and added further duties targeting about sixty nations. This move triggered retaliatory action from China, which slapped a 34 percent tax on American imports. Japan, a major exporter to both nations, is caught in the middle of this escalating trade conflict.
The financial fallout from the U.S.-China trade battle has spread across markets. Goldman Sachs raised the likelihood of a U.S. recession to 45 percent, citing pressure from the tariffs. Despite mounting criticism, Trump defended the tariffs, stating that they generate billions in revenue and are necessary to fix trade imbalances with Europe and China.
Still, prominent investors like Stanley Druckenmiller and Bill Ackman have voiced concern, warning that this strategy could harm the economy and the country’s global standing.
In the crypto space, the trade war and market volatility triggered a wave of liquidations. Data from Coinglass shows over 24,000 traders were wiped out in the past 24 hours, with total losses hitting $1.01 billion. A striking 86% of these were long positions, suggesting that even big players are taking hits.
The largest single liquidation—worth $16.38 million—occurred on Bitfinex. Bitcoin alone accounted for over $340 million in liquidations, while Ethereum followed closely at nearly $295 million.
Such mass liquidations often stir fear among investors, potentially triggering more selling and driving prices even lower. The crypto market Fear and Greed Index currently reads 17, signaling extreme fear—close to levels last seen on March 11. While it reflects market panic, it may also suggest that a rebound could be around the corner.
Major crypto industry actors like Stronghold Digital Mining Inc. (NASDAQ: SDIG) will be hoping that a market rebound happens sooner rather than later since their revenues are directly linked to the prevailing crypto prices.
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