The sale of the Crypto market went from evil to brutal on Monday in Europe morning hours as Bitcoin stabbed the $75,000 level and extended the loss of major tokens to nearly 20%.
Tokens XRP, Solana (SOL) and Dogecoin (Doge) plunged more than 5% hours before the European opening, eliminating hundreds of billions of billions at market capitalization driven by a cascade of macroeconomic uncertainty and an aggressive liquidation of nearly $1 billion.
The extensive Coindesk 20 (CD20) index tracking the biggest tokens shows a 12% decline and broad risk-off sentiment that grasps the sector.
XRP and SOL led the decline, each over 20% in the last 24 hours, destroyed at a critical level of support. The XRP is trading at $1.70, falling below the key 200-day moving average (main technical support levels), causing an even more downside towards $1.75.
Meanwhile, Sol fell below $100, violating its 50-day moving average, marking a retreat of 64% from an all-time high. Doge, a meme coin darling, fell to 20% and spareed $0.13, as stated by the Coindesk analysis mentioned earlier on Monday.
President Donald Trump’s recent 25% tariffs on imports from Canada and Mexico, coupled with the 20% collection in China, poses a retaliatory threat.
China is pondering the front-loaded stimulus to counter these measures, increasing market anxiety as reported. Investors are fleeing the risky assets of safe shelters like gold and Japanese yen.
Meanwhile, traders expect the market to decline throughout the Asian day before the US opening.
“Historically, crypto markets have tended to be frontline stock markets over the weekend, and the decline in Asian markets this morning appears to have strengthened this belief.” “We expect crypto markets to fall if the US market is open.”
“The recovery will depend on which powers can secure short-term tariff delays or trade this week. So far, Vietnam, Cambodia and Taiwan have pledged to lower their own tariffs or increase US investment in exchange for relief, but they need large trading partners like Japan and China.
Augustine Fan, Head of Insights at Signalplus, said current price action indicates bear market behavior.
“All indications suggest that the macro market is currently in ‘bare market’ mode and that the gathering will be on sale, forcing investors to accept this new reality for the long-term betting,” the fan said in a telegram message. “The market will continue to irritate and shake up the trust of investors for quite some time.”
“In the long run, the chart might argue that BTC is broken against global stocks and has been postponed to keep up with Spot Gold, but at this point the catalyst appears fleeting and will dominate until risk management (i.e., low prices) blends in,” the fans have concluded.