The crypto market witnessed a significant decline on February 25, causing heightened concern among investors. Bitcoin (BTC) plunged to $90,000, while Ethereum (ETH) slipped below $2,500. Other major altcoins like XRP and Solana (SOL) followed the downward trend, losing 8% to 13% in value. This sharp drop is largely attributed to widespread liquidations, which were triggered by Donald Trump’s recent remarks on tariffs against Canada and Mexico.
Why Is Bitcoin Falling?
Former U.S. President Donald Trump announced that the 30-day suspension of tariffs on Canada and Mexico has ended, and new trade measures will take effect next week. This fueled concerns of a trade war, causing a ripple effect across global markets, including cryptocurrencies. In the past 24 hours, the market lost nearly 5% of its value, bringing the total market cap below $3 trillion. A staggering $887.85 million in liquidations further deepened the crisis, leading to sharp declines in Bitcoin and major altcoins.
Bitcoin briefly fell to $90,924 before recovering slightly to $92,152 at the time of writing. Data from CoinMarketCap shows that BTC faced $271.69 million in liquidations within the last 24 hours. Despite the price drop, Bitcoin’s dominance increased by 0.94% to 61.16%, intensifying selling pressure on altcoins. Meanwhile, Ethereum (ETH) saw an 8% decline, reaching $2,490. ETH hit a daily low of $2,461, with a high of $2,735. Coinglass data indicates that Ethereum liquidations totaled $192.53 million, causing further pressure on the market.
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XRP and Solana Take a Harder Hit
XRP plummeted 8.5%, settling at $2.26, with a daily range of $2.23 to $2.50. Liquidations in the XRP market reached $38.25 million. Solana (SOL) suffered even more, losing 14% and trading at $137.19. SOL hit a low of $136.88 and a high of $161.61, with $90.60 million in liquidations over the past 24 hours.
Other major tokens also experienced significant losses. Dogecoin (DOGE) dropped 10% to $0.2077, while Shiba Inu (SHIB) declined 8% to $0.00001367. PEPE and TRUMP tokens saw even steeper drops, losing 13% and 15%, respectively.
Despite the broad sell-off, a few assets managed to buck the trend. Story (IP) surged 20% to $4.72, DeXe (DEXE) climbed 4% to $19.11, and FTX Token (FTT) inched up 1% to $1.91.
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