- Bitcoin fell below $90,000 amid rising global trade tensions.
- Over $580 million in crypto positions were liquidated, mostly longs.
- Altcoins followed BTC lower, with Monero posting the sharpest decline.
Bitcoin slipped under the $90,000 mark early Tuesday, extending losses as global risk sentiment turned sharply negative. The move came amid escalating trade tensions, with investors pulling back from risk assets across markets. BTC is now down more than 3% on the day, continuing a steady decline that started over the weekend.
Trade Tensions Spill Into Crypto
Pressure began building on Sunday after President Trump announced new tariffs and warned of a potential trade war with European nations opposing his bid to acquire Greenland. Since then, Bitcoin has struggled to stabilize. After dropping from $95,000 to $92,000 on Monday, selling intensified, finally pushing prices below the $90,000 level. As has often been the case, macro uncertainty quickly found its way into crypto markets.
Liquidations Accelerate the Downside
The sharp move lower triggered a wave of forced liquidations. More than $580 million in positions were wiped out over the past 24 hours, with nearly $150 million liquidated in just the last hour. Long positions made up the bulk of the damage, particularly in Bitcoin and Ethereum, as leverage unwound rapidly once key levels failed to hold.
Altcoins Follow Bitcoin Lower
The broader crypto market moved in lockstep with Bitcoin, with total market capitalization falling roughly 3% to around $3.1 trillion. Ethereum slid back toward the $3,000 level, Solana dropped to near $127, and XRP fell to around $1.91. Risk appetite clearly thinned across majors, not just BTC.
Monero and Smaller Tokens Take Heavier Hits
Among large-cap assets, Monero saw the steepest decline, dropping more than 11% to around $538. The privacy-focused coin is now down over 32% from its recent all-time high near $800, reached just last week. Hyperliquid also struggled, falling roughly 7% on the day to trade near $22, as selling pressure spread into higher-beta tokens.
