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Bitcoin Struggles Below $77K as Ether, XRP, and Solana Deepen Declines Ahead of US Market Opening
The cryptocurrency market is experiencing a tumultuous start to the week, with Bitcoin (BTC) sinking below the psychologically significant threshold of $77,000. The flagship digital asset has suffered a sharp decline, currently trading at around $76,400.
The dismal performance of BTC has been matched by its peers in the top ten, with most major altcoins posting double-digit losses. Ethereum (ETH), the second-largest cryptocurrency by market capitalization, has lost over 17% to trade below $1,400. This significant drop has led to the liquidation of a prominent Ethereum whale, who has suffered losses exceeding $100 million.
Ripple’s native asset XRP has plummeted by an astonishing 16%, causing its market capitalization to plummet to just under $102 billion and demoting it from among the top three cryptocurrencies. Solana (SOL), meanwhile, has seen its value crumble by a similar margin of 16%.
Other major coins have not been spared either, with Dogecoin (DOGE) declining by around 16% as well, while Cardano (ADA) has slipped 15%. Binance Coin (BNB) and TRON (TRX), however, have shown more resilience, falling by a relatively modest 8% and 6%, respectively.
The total cryptocurrency market capitalization has taken a hit, plummeting over 10% to roughly $2.5 trillion. This represents an astonishing loss of around $100 billion in just a matter of hours.
This sudden downturn can be attributed to the massive sell-off triggered by a chain reaction on Asian stock markets. Taiwan’s benchmark index fell nearly 10%, its largest single-day drop since 1990, prompting the Financial Supervisory Commission (FSC) to introduce temporary short-selling restrictions.
This shockwave has rippled across the region, with Japan’s Nikkei plummeting over 8%, while Hong Kong’s Hang Seng Index sank roughly 12%. The CSI 300 Index in China tumbled by a similar margin of 7%.
South Korea’s Kospi index also felt the impact, shedding more than 5% early in the session before being halted for five minutes. Singapore’s Straits Times Index was not spared either, falling approximately 8%.
The downward spiral has even extended to Australia and New Zealand markets, with the ASX 200 in Australia plummeting by a staggering 6.3%, and the NZX 50 shedding more than 3.5%.
Source: https://cryptobriefing.com/crypto-market-decline-us-tariffs/
