Bitcoin Plunges Below $76K, Ethereum Hits 13-Month Low Amid $1.2 Trillion Crypto Wipeout
The cryptocurrency market took a sharp nosedive Tuesday night as sweeping new tariffs introduced by former President Donald Trump on Chinese goods ignited a global selloff across financial markets.
Bitcoin dropped 4.1% to $76,550, briefly slipping below the $75,000 mark late Tuesday. The world’s largest cryptocurrency is now down nearly 30% from its January peak of over $109,000.
Ethereum fared even worse, tumbling 8.3% to reach its lowest level since March 2023. The downturn has led to widespread losses across the crypto space, with Dogecoin down 16.3%, Solana falling 18%, and Cardano plunging 23.7% over the past week.
Liquidations in the crypto market surpassed $411 million in the past 24 hours, according to data from CoinGlass, highlighting the intense pressure on leveraged positions.
“It’s been a miserable run since February,” said Pav Hundal, lead market analyst at Swyftx. “Investors are operating at emotional extremes, and we’ve seen a staggering $1.2 trillion erased from crypto valuations.”
The turbulence extended beyond digital assets. U.S. stock futures plunged as Trump’s tariffs—affecting goods from 185 countries—sparked a global risk-off sentiment. The S&P 500 shed over $2 trillion in market capitalization within minutes, while Asian markets opened sharply lower on Wednesday.
Compounding the market anxiety are rising bond yields and waning demand for U.S. debt, with analysts warning of prolonged volatility amid intensifying trade tensions.
As investors brace for further fallout, the outlook for both traditional and digital markets remains clouded by geopolitical uncertainty and tightening financial conditions.
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