The cryptocurrency market has plunged for two consecutive days due to President Trump’s 100% tariffs on China. Market capitalization dropped to $3.7 trillion from $4 trillion last week, with a trading volume of $250.02 billion. Bitcoin is at $111,660.41, Ethereum at $3,817.26. Analysts attribute the decline to geopolitical tensions.

Over $19 billion in bets were wiped out, with 1.6 million traders facing liquidation. $7 billion was cleared within an hour on Friday. The focus is now on counterparty exposure and potential market contagion. Open interest has dropped by 18%, signaling low investor appetite in the crypto market.

Market analysts blame the downturn on Trump’s tariffs and US software export restrictions, sparking fears of a trade war. This fall is a result of macro shockwaves and extreme leverage, marking the worst day for crypto since Q1 2025. Bitcoin is trading at $111,773.13, down nearly 11% in seven days, while Ethereum is at $3,842.09, down 16% in seven days.

Bitcoin and Ethereum have dropped to multi-week lows, trading at $111,660.41 and $3,817.26, respectively. The wider crypto market saw a 0.89% fall in the past 24 hours, with a seven-day decline of 11.5%. Market analysts attribute this decline to geopolitical tensions caused by Trump’s tariffs on China.

Read more at Yahoo Finance: Cryptocurrency Market Faces Renewed Pressure as Bitcoin, Ethereum Drop to Multi-Week Lows