02.08.2025 01:15

Cryptocurrency markets experienced a significant downturn today, with Bitcoin plunging to just above $113,000. This sharp decline follows a freefall from a high of $118,000 on July 31st, representing a loss exceeding $5,000. Altcoins, as usual, suffered even more severely.

The severity of this market correction is underscored by staggering liquidation figures. Data from Coinglass reveals total liquidations exceeding $900 million in the past 24 hours—a more than 300% increase from the previous day. Long positions bore the brunt of these losses, accounting for approximately $800 million. Ethereum, notably, led in liquidations, with roughly $300 million in losses at the time of this writing.

This crypto market crash coincided with considerable global economic and geopolitical instability. The ongoing impact of Donald Trump's tariff policies, including a 10% increase on Canadian goods and a similar levy on imports from most countries, contributed to the overall market anxiety.

The cryptocurrency downturn wasn't an isolated event; traditional markets also experienced significant drops. The S&P 500 fell by 1.5%, the NASDAQ Composite declined by 2.16%, and the Dow Jones Industrial Average shed 1.2%. These parallel declines suggest a broader market reaction to the prevailing economic uncertainties. The information presented here was gathered from internet sources.