Editor’s Note: This story has been updated to provide more clarity on how stocks reacted to the Tariff announcement
Leading cryptocurrencies suffered a bloodbath on Sunday as concerns over President Donald Trump's tariff policies deepened.
| Cryptocurrency | Gains +/- | Price (Recorded at 8:30 p.m. ET) |
| Bitcoin (CRYPTO: BTC) | -6.38% | $78,099.39 |
| Ethereum (CRYPTO: ETH) | -12.90% | $1,575.63 |
| Dogecoin (CRYPTO: DOGE) | -12.50% | $0.1478 |
What Happened: Bitcoin tanked to an intraday low of $77,097.74 before clawing back to $78,000. Ethereum experienced a bigger rout, slipping below $1,600 for the first time since Oct. 2023.
The two heavyweights recorded a 179% and 272% jump in trade volume, respectively, signaling significant selling pressure.
Sunday’s dip came after cryptocurrency prices remained relatively stable on Friday during a period of intense stock market volatility.
Over $871 million was liquidated from the market in the last 24 hours, with nearly $750 million in longs erased.
Bitcoin's Open Interest fell by 0.33% in the last 24 hours, while funds locked in Ethereum's futures sank 8%.
Interestingly, traders appeared to be buying the dip, as the number of Bitcoin longs exceeded shorts as of this writing, according to the Long/Short Ratio.
The market sentiment went back into "Extreme Fear" mode, according to the Crypto Fear and Greed Index.
Top Losers (24-Hours)
| Cryptocurrency | Gains +/- | Price (Recorded at 8:30 p.m. ET) |
| Berachain (BERA) | -19.50% | $4.63 |
| Lido DA0 (LDO) | -16.80% | $0.6866 |
| Movement (MOVE) | -16.39% | $0.3132 |
The global cryptocurrency market capitalization stood at $2.48 trillion, plummeting 7.39% in the last 24 hours.
Stock futures also sank Sunday overnight. The Dow Jones Industrial Average Futures plunged 1,012 points, or 3.13%, as of 8:30 p.m. EDT. Futures tied to the S&P 500 tumbled 3.55%, while Nasdaq 100 Futures lost 4.55%.
Commerce Secretary Howard Lutnick said in a CBS News interview that tariffs won't be postponed and will "stay in place for days and weeks," pouring cold water on hopes of some relief from Trump’s sweeping tariff measures, which roiled stock markets last week.
The Dow and the S&P 500 tanked 7.44% and 5.97%, respectively, with the broad-based index recording its worst decline on Friday since March 2020.
Following Trump's "Liberation Day" on Wednesday, the Dow fell over 9%, closing the week at 38,314.86. Similarly, the S&P 500 plunged more than 10% in the last two trading days of the week, ending at 5,074.08. The Nasdaq Composite slipped over 11%, closing at 15,587.79.
See More: Best Cryptocurrency Scanners
Analyst Notes: Influential cryptocurrency analyst Ali Martinez anticipated a big Bitcoin breakout from a symmetrical triangle.
"As Bitcoin approaches the apex of this triangle, the odds for a significant price movement increase," Martinez said.
Martinez defined the region between $82,000 and $82,000-$87,000 as a "no-trade zone" and said that a sustained close outside of this range could trigger a 14% price move.
Economic analyst Jesse Colombo deemed $77,500 a "critical support level" for Bitcoin, failing which could lead to a sharp plunge.
Photo by CMP_NZ on Shutterstock
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