Cryptocurrency Market Sees Significant Declines Amid US Tariff Changes

The cryptocurrency market kicked off the new week with a decline, affecting major cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and altcoins like XRP, BNB, and Solana (SOL). According to CoinMarketCap data, BTC is trading at $64,780, down 4.6% in the last 24 hours, while ETH is trading at $1,860, having fallen by 5.5%

Other altcoins also saw significant losses, with XRP falling by 5.9%, BNB by 5.7%, and Solana (SOL) by 8.3%. The declines are attributed to the US's recent tariff changes, imposed by President Donald Trump, which have caused panic among investors.

Analysts from Glassnode and CryptoQuant suggest that on-chain data indicates the worst of the panic may be over, but the overall market structure remains under pressure. Whether the $65,000 level will serve as short-term support or continue to form a limited base in a long-term range is still unclear.

According to Coinglass data, $459.1 million worth of leveraged trades were liquidated in the last 24 hours, with $429.2 million from long positions and $29.9 million from short positions. The largest liquidation occurred on HTX in the BTC/USDT trading pair.