coindesk.com
Major cryptocurrencies dropped in value on Monday, leading a sell-off across crypto markets, as fears of new U.S. tariffs sparked a cautious mood in global investments.
Solana SOL$133.68 slid more than 6% over the past 24 hours, while XRP XRP$1.9670 fell about 4% and DOGE$0.1271 dropped over 7%, according to CoinGecko data. Ether declined roughly 3%, hovering near the $3,200 level. Bitcoin was relatively resilient but still slipped below $93,000, down around 2.5% on the day.
The selloff followed comments from U.S. President Donald Trump over the weekend, in which he said the U.S. would impose a 10% tariff on goods from eight European countries starting Feb. 1, rising to 25% in June unless a broader agreement is reached.
These remarks pushed investors toward haven assets and pressured risk-sensitive markets.
Crypto’s losses tracked declines across equities. 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 markets were mixed, with modest losses across most indices.
Haven assets rallied in response. Gold and silver both hit record highs, while government bond futures in Europe rose. The dollar weakened against several major currencies, reflecting defensive positioning ahead of the U.S. trading session.
Liquidations picked up alongside the selloff. Roughly $600 million in bullish crypto positions were wiped out over the past 24 hours, according to Coinglass data, with long positions accounting for the majority. Bitcoin open interest declined as traders trimmed leverage.
The move comes after a strong start to the year for cryptocurrencies.
Bitcoin climbed to just under $98,000 last week, supported by heavy inflows into U.S.-listed spot ETFs, while alternative cryptocurrencies (altcoins) followed higher. Monday’s pullback suggests traders are reassessing exposure as macro risks reassert themselves.
Altcoins bore the brunt of the selling, a common pattern during risk-off phases, as traders rotated away from higher-beta tokens and toward more liquid assets. Market participants said attention is now on whether bitcoin can hold support near the $90,000 level, which could determine whether the broader pullback deepens or stabilizes.
For now, crypto appears to be trading firmly in step with global risk sentiment, leaving prices sensitive to further headlines on trade, geopolitics and monetary policy.