XRP and Dogecoin Drop 25% as Crypto Liquidations Exceed $2.2 Billion

Major cryptocurrencies experienced significant declines, with losses exceeding 25% in the past 24 hours. This downturn follows the U.S. imposing new tariffs on Canada and Mexico, raising concerns over a potential global trade war.

XRP, Dogecoin, and Cardano's ADA dropped over 25%, reverting to pre-U.S. election levels.
Most major tokens have declined by 40-50% over the last month, marking one of the steepest drops in recent years.
Overall market capitalization decreased by 12%, the largest drop in over a year; CoinDesk 20 lost 10%.
Bitcoin fell by 6% during this period.
Futures markets reflected these losses, with ether-tracked products losing more than $600 million in 24 hours.
Total liquidations surpassed $2.2 billion, marking the highest level this year.
The largest single liquidation occurred on Binance, involving a $25 million tether-margined ETH trade.

Market sentiment remains cautious as traders anticipate further losses. The imposition of tariffs has raised worries about increased costs across various industries, potentially leading to an economic slowdown.