The cryptocurrency markets continue bleeding out today. Bitcoin’s price dropped to a low of slightly above $113,000 while the majority of altcoins are having it much worse, as it’s almost always the case.
As seen in the chart below, the price has been in a freefall since wicking to $118,000 on July 31st and has shed more than $5,000 since.
Data from Coinglass shows that the total liquidations for the past 24 hours have surpassed $900 million, up more than 300% since yesterday, highlighting the severity of the move.
Naturally, long traders took the bigger hit, accounting for more or less $800 million of the total. Interestingly, ETH is leading the pack in liquidations with around $300 million, at the time of this writing.
As CryptoPotato reported earlier, the downturn comes amid severe turbulence in international geopolitics and macroeconomics as Donald Trump continues with his tariffs policy. He imposed an additional 10% tariffs on Canadian goods and slammed 10% on goods imported from every country, aside from the countries that are subjected to higher tariffs.
The drop is not isolated to crypto markets. The S&P 500 is down 1.5% today, the NASDAQ Composite lost 2.16%, while the Dow Jones Industrial Average also lost 1.2%.