The cryptocurrency market expanded its losses early around 10 AM as the U.S. President Donald Trump officially initiated the tariff war. Bitcoin briefly plummeted to $91,231, wiping out all its gains for 2025. It rebounded to $93,900 by the time of writing, with a 24-hour drop of 5.52%.

Ethereum Drops Below $2,100

Ethereum briefly hit $2,086, returning to price levels from last August. Although it has since rebounded above $2,500, it still saw a 24-hour drop of approximately 17%.

Solana Approaches January’s Low

Solana (SOL) also saw significant declines, with the lowest point at $175, close to January's low, marking a 13% drop at one point. At the time of writing, it was trading at $199, with a 24-hour drop of 4.8%.

XRP Plummets to $1.77

Among the top ten cryptocurrencies, XRP experienced the largest drop, with a maximum 24-hour decline of 40%. It briefly hit $1.77, returning to December's starting point. At the time of writing, it was trading at $2.25, with a 24-hour drop still standing at 21%.

Over 710,000 Liquidations Amounting to $2.1 Billion in the Last 24 Hours

According to Coinglass data, the total liquidation amount across the cryptocurrency network in the last 24 hours exceeded $2.1 billion, with $1.837 billion in long positions and over $329 million in short positions being liquidated, affecting more than 710,000 traders.

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