Crypto market loses over $100 billion as altcoin prices fall

After an unusual weekend marked by heightened geopolitical tensions, digital currency markets lost more than $100 billion in 24 hours.

As the Asian and futures markets opened on Monday morning, the price of Bitcoin fell by more than $3,000 to below $92,000 before recovering by nearly $1,000, but was still down more than 2% on the day.

Bitcoin rose early last week, hitting $98,000 on Wednesday, and then faced strong selling pressure, but it basically remained above $95,000 for many days.

While markets were calm over the weekend, the start of the new week has been rocky.

The background is related to the development of the US-EU trade war. After Trump expressed the need to purchase the island, European countries sent troops to Greenland, and he announced a 10% tariff in response.

On the other hand, the European Union held an emergency meeting, and French President Macron called for the use of trade weapons against the United States.

As Bitcoin fell, altcoins fell even deeper.

Ethereum price stopped at $3,350 before falling to around $3,200, while XRP fell below $2.00, hitting 1.84 on the day.

DOGE, SOL, ADA, LINK, XLM, ZEC, AVAX and HYPE also experienced significant losses, while currencies such as ASTER, SUI, APT, ONDO, ARB, PEPE and ENA experienced double-digit declines.

In contrast, XMR and ICP are the few exceptions to gains.

As a result of this pressure and decline, the total market capitalization of cryptocurrencies fell to approximately $3.16 trillion.

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