Crypto Market Faces $600 Million Liquidations Amid Tariff War Concerns
The crypto market is facing significant selling pressure, with altcoins like Ethereum, XRP, Solana, Dogecoin, and Cardano dropping 5-7% over the past 24 hours. Liquidations have exceeded $600 million, predominantly in long positions.
Bitcoin fell from a high of $111,200 to about $107,000 following President Trump's tariff threats against the EU. This decline occurred despite Bitcoin recently hitting new highs due to ETF inflows and increased institutional investment.
Market sentiment remains cautious amid macroeconomic uncertainties and rising US Treasury yields at 4.5%. Ethereum's current trading price is below $2,600 after an earlier rally to $2,700. A price above $2,900 is needed for further upward movement.
Former BitMEX CEO Arthur Hayes predicts a selective altcoin season, expecting Ethereum to outperform Solana in the next rally.
Additionally, Solaxy ($SOLX) has launched a presale aimed at improving Solana's performance by addressing network issues. Key details include:
- Token Price: $0.001732
- Funds Raised: $39.1 million
- Payment Options: Crypto, Card
- Ticker: SOLX
The SOLX token will be utilized across multiple chains post-presale.