Crypto Market Crash: Why Is BTC, ETH, SOL, DOGE Price Down 6-12% Today?
Satoshi street is facing a massive bloodbath with the crypto market crash as global markets react to Trump’s tariff war. Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Dogecoin (DOGE) prices have plumetted 6-12% today with over $900 million in liquidations in the last 24 hours. Analysts have started challenging Bitcoin’s “Digital Gold” and hedge status amid rising volatility.
On Monday morning in Asian trading hours, crypto market crashed as risk-ON assets faced heavy volatility. Top markets like China, Taiwan, Japan, Singapore, etc, hit circuit breakers in the early trading hours on Monday, with their indexes crashing 10%, sending the global markets into a situation of absolute turmoil.
Although Bitcoin price showed resilience to the Dow Jones crash last week, it is down by 7% today. However, it is still performing better as Asian indices are down 9-10% today. On the other hand, precious metals are up, as gold prices shot up $80 earlier today, and silver has an upward trajectory as well. Following today’s crypto market crash, Peter Schiff took the opportunity adding:
As Donald Trump’s tariff war increases odds of US recession, debates over Bitcoin’s “digital gold” status have picked up once again. Long-term players still continue to remain bullish about BTC despite this volatility. Hunter Horsley, the CEO of Bitwise Investments noted:
“As nations trust each other less. As corporations have more difficulty doing business. A global, digital, apolitical store of value — controlled by no nation — looks increasingly differentiated. Bitcoin’s place in the world has never been more valuable”.
However, on-chain data from Spot On Chain shows that whales are buying the ETH price dips.
Other altcoins have faced a drop of a similar magnitude.