Major cryptocurrencies sold off on Monday, extending losses across digital-asset markets as fresh concerns over U.S. tariffs darkened global risk sentiment.
Solana slid more than 6% over the past 24 hours, while XRP fell about 4% and dogecoin dropped over 7%, according to CoinGecko data. Ether declined roughly 3% to hover near $3,200. Bitcoin proved relatively resilient but still slipped below $93,000, down around 2.5% on the day.
The pullback followed weekend comments from U.S. President Donald Trump, who said the U.S. would impose a 10% tariff on goods from eight European countries starting Feb. 1, with duties set to rise to 25% in June unless a broader agreement is reached. The remarks prompted a shift toward defensive positioning, weighing on risk-sensitive assets.
Crypto’s losses mirrored declines in traditional markets. U.S. equity-index futures fell sharply in early trading, with Nasdaq 100 contracts down more than 1%, while European futures slid as tariff concerns resurfaced. Asian equity markets were mixed, though most indices posted modest losses.
Haven assets rallied in response. Gold and silver climbed to record highs, European government bond futures advanced, and the dollar weakened against several major currencies as investors sought protection ahead of the U.S. session.
The selloff was accompanied by a pickup in liquidations. Around $600 million in bullish crypto positions were wiped out over the past 24 hours, according to CoinGlass, with long positions accounting for the bulk of the losses. Bitcoin open interest declined as traders reduced leverage.
The move comes after a strong start to the year for digital assets. Bitcoin surged to just below $98,000 last week, buoyed by heavy inflows into U.S.-listed spot ETFs, with altcoins rallying alongside it. Monday’s retreat suggests investors are reassessing exposure as macroeconomic risks re-emerge.
Altcoins once again absorbed the brunt of the selling, a typical pattern during risk-off episodes as traders rotate out of higher-beta tokens and into more liquid assets. Market participants are now watching whether bitcoin can hold support near the $90,000 level, a threshold that could determine whether the broader pullback deepens or stabilizes.
For now, cryptocurrencies remain closely tethered to global risk sentiment, leaving prices vulnerable to further headlines on trade policy, geopolitics and monetary conditions.
