Crypto Markets Bleed on ‘Black Monday’ as Liquidations Top $1B

The crypto markets keep experiencing a downward trajectory as the world battles Donald Trump’s Liberation Day tariffs and is also gripped by fear of the expected repulsive retaliation from the affected countries.

According to CoinGlass, 460,505 traders have been liquidated in the past 24 hours. The total liquidation stands at $1.42 billion, for both long and short positions, with OKX recording the largest single liquidation order, BTC-USDT-SWAP, valued at $7.08M.

BTC recorded a $479.30 million liquidation; long at $419.07 million and short at $69.23 million. Similarly, Eth had $417.64 million liquidation; long at $348.13 million and short at $69.51 million.

Also, XRP’s liquidation stands at $69.99 million, long at $58.58 million and short at $11.41 million.

Likewise, other cryptocurrencies, like SOL, LTC, ADA, and Doge, also witnessed a sell-off in the market.

Analysts asserted that the crypto market is witnessing ‘Black Monday’, a huge fall of stocks on Wall Street on Monday, October 19, 1987.

Bitcoin, Ether, XRP and Other Top Cryptocurrencies Keep Falling

Notably, the tariff hike has had a significant impact on Bitcoin’s downward trend continuation in April. Its price has fallen 30% since the all-time high post-Trump victory. Currently, it was down below $75,000 in the early hours of Monday.

Similarly, Ether (Eth), the native coin of Ethereum, also witnessed a price drop and defied its key level. The coin fell below $1,500, over a 17% decline in price.

During the weekend, Eth recorded a slight increase and traded above $1,800 after reacting to Mr Trump’s announcement with a sharp decrease.

On the same day, XRP, the native token of XRPLegder, also plummeted by over 16%. The coin currently trades below $1.8.

Earlier, XRP gained weight during the weekend when it left its previous below-$2 position to trade above $2. But it fell to $1.6 on ‘Black Monday’ morning.

Also, other cryptocurrencies, like SOL, LTC, ADA, and Doge coins all dropped by more than 14%.

Trump’s Tariffs Affect the Crypto Markets

Despite Trump vowing to support digital assets and setting up the Bitcoin Reserve, the market has not been friendly to cryptocurrencies since his inauguration.

In fact, since the announcement of the new tariff by President Donald Trump, a big sell-off has been recorded in many industries, including crypto.

Trump placed a minimum 10% tariff on all imports to the U.S.; however, many nations face much higher, with goods from the EU being taxed at 20%.

Similarly, the stock market is also seeing what CNN described as the worst start to a presidential term start in modern history.

Still, the US President branded his action as a medicine to fix something, probably the U.S. trade deficit.