TL;DR:
- Bitcoin dropped to a 17-day low after touching $64,300 following the opening of futures markets, triggering millions in liquidations.
- Altcoins such as SOL, HYPE and BCH posted losses of up to 6%; total market capitalization shed more than $60 billion.
- PIPPIN was the exception, surging 23% in a single day and defying the broad market correction.
The calm that Bitcoin had maintained over the weekend came to an abrupt end once traditional futures markets resumed activity. Within roughly one hour, the cryptocurrency plummeted and touched $64,300, its lowest level in 17 days, leaving millions in liquidations in its wake. The recovery was partial: Bitcoin bounced and is now trading above $66,400, though it still carries a 2.1% daily loss. Its market capitalization stands at $1.325 trillion, with dominance over altcoins at around 56.5%, according to CoinGecko data.
The trigger for the drop was political. Following a Supreme Court ruling against some of his tariffs, President Donald Trump announced a new global tax levy of 10%, with intentions to raise it to 15%. Although Bitcoin did not react immediately to the announcement, the pressure materialized with the opening of the futures market on Sunday night and into early Monday morning.
Bitcoin Suffers Again Over Trump Tariffs
The prior context was equally discouraging. The previous week had started with a rejection at $70,000 and a pullback to below $67,500. After several failed attempts to bounce, Bitcoin gave way again on Thursday and fell to $65,600, before buyers stepped in and pushed it back to nearly $69,000 over the weekend.
Altcoins Bleed Across the Board
The impact on the rest of the market was immediate. Ethereum is trading at $1,920, down 2.3%. XRP retreated more than 2% to $1.40. BNB hovers around $610, down 1.6%. Solana is trading near $80 after losing 4.5%. TRON fell 0.9% to $0.286. HYPE dropped 5% and is trading around $27.6.
The exception was PIPPIN, which climbed more than 23% in the last 24 hours to surpass $0.72, once again defying the broader downtrend. TON and M also closed slightly in positive territory. Total crypto market capitalization shed more than $60 billion and stands at around $2.350 trillion.
