Crypto market sees $1.3 trillion loss as Bitcoin, Ethereum, XRP hit hard
Bitcoin and other major cryptocurrencies have experienced a sharp decline, following a broader stock market sell-off triggered by Donald Trump’s controversial “Liberation Day” and the potential for global tariffs to spark a crisis.
The Bitcoin price has plummeted under $77,000 per bitcoin, down more than 10% from its high of almost $90,000 last week. Ethereum, XRP, solana, dogecoin and other major coins have dropped even more sharply, taking the value wiped from the combined crypto market since January to $1.3 trillion, News.Az reports, citing Forbes.
Now, as Wall Street braces for a Congress crypto game-changer, traders are scrambling to figure out if the sudden bitcoin price correction could escalate into a full-blown market crash.
“Bitcoin has recently lost the key $79,000 to $80,000 support level, which it had managed to hold for the past month,” Charlie Sherry, head of finance and crypto analyst at BTC Markets, said in emailed comments.
“This support level had marked the bottom of the range after the all-time-high pullback. The next key support lies around $72,000, which was the pre-election high.”
The Sunday bitcoin price decline has been outpaced by 15% drops for ethereum, XRP, solana and dogecoin over the last 24 hours.
“Sometimes crypto movements on Sunday tell you what stocks are going to do Monday. If that is the case, Monday could be ugly,” Geoffrey Kendrick, Standard Chartered Bank’s head of crypto, said in emailed comments.
Looking further ahead, Sherry names “a potential shift in Trump’s stance or emergency intervention by the Federal Reserve” as two things that could help the bitcoin price climb back over $80,000.
Last week, traders upped their bets that the Fed will be forced to cut interest rates to stave off a U.S. recession—something that could see the market “flooded” with dollars.
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