Crypto Market Suffers Heavy Losses Amid Tariff Uncertainty

The crypto market has faced significant challenges in recent times, with the current downturn being no exception.

On February 23, Bitcoin fell below its crucial $65,000 support level, marking its fifth consecutive month of decline. This break has heightened concerns about a potential move toward $60,000, as investors struggle to find stability in the market.

The sharp drop was not limited to Bitcoin alone; major altcoins such as Solana, Hyperliquid, and Zcash also posted significant losses, with declines ranging from 8% to 9.1%. This widespread decline has led to a surge in liquidations, with CoinGlass data indicating a 436% increase in 24-hour liquidations to $463 million.

The majority of these liquidations were attributed to long positions, which accounted for approximately 93% of total liquidations. This indicates that traders who had been betting on a market recovery were forced out when prices dropped.