Market Downturn Hits Cryptocurrencies Hard

The cryptocurrency market faced a sharp decline on Monday, with Bitcoin reaching its lowest point since the rally following the November 2024 US election.

Global Market Stress and Reciprocal Tariffs Take Their Toll

Amidst considerable stress in global markets, exacerbated by the US administration's new reciprocal tariffs, cryptocurrencies suffered significant losses. Ripple's XRP saw a dramatic drop of 20%, while BNB and Solana weren't spared, falling by 9% and 17% respectively.

Bitcoin and Ethereum: A Closer Look at the Numbers

At 2:44 am ET, Bitcoin was down by 4.32%, trading at $74,981.94. Ethereum's situation was even more dire, with a 7.18% decrease to $1,466.22.