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The global cryptocurrency market experienced a historic drop between Sunday night and early Monday morning, with settlements reaching $2.28 billion, according to data from Coinglass, a service that monitors transactions on major crypto exchanges
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This plunge followed the imposition of new tariffs by U.S. President Donald Trump against Mexico, Canada and China.
Massive liquidations of digital assets, considered high-risk investments, led to a drastic drop in the prices of the most popular cryptocurrencies.
Bitcoin, for example, saw its value drop below $92,000. Ethereum was the hardest hit, with a decline of more than 20%, dropping from over $2,900 to $2,261.
Other cryptocurrencies such as XRP, Solana, Dogecoin and Cardano also suffered significant drops.
In total, the cryptocurrency market capitalization fell by almost 12% in 24 hours, reaching approximately $3.15 trillion.
More than 738,000 traders faced liquidations, mainly on the Binance platform.
These liquidations were due to both voluntary decisions by traders seeking to withdraw funds from risky investments, as well as forced closures by brokers.
However, throughout Monday, the market began to show signs of recovery, with bitcoin rising again to $99,000 and Ethereum surpassing $2,700.