XRP, Solana, and Dogecoin Lead Crypto Crash Amid $1B in Liquidations

Bitcoin plunged below $75,000 early Monday during European trading hours, triggering a broader crypto market sell-off. Major altcoins including XRP, Solana (SOL), and Dogecoin (DOGE) saw sharp losses, extending declines across the sector to nearly 20%. Liquidations surged close to $1 billion amid growing macroeconomic fears and risk-off sentiment.

The CoinDesk 20 (CD20) index, which tracks top crypto assets, fell 12%, reflecting widespread market anxiety. XRP and SOL were hit hardest, each shedding over 20% in 24 hours. XRP dropped beneath its 200-day moving average to $1.70, while SOL fell below $100, marking a 64% slump from its all-time high. DOGE also plummeted 20%, landing at $0.13.

The crypto crash was fueled by escalating global trade tensions. Former U.S. President Donald Trump’s announcement of 25% tariffs on Canadian and Mexican imports and a doubled 20% tariff on Chinese goods sparked fears of retaliatory measures. China is reportedly considering stimulus options to cushion the blow, adding to investor uncertainty.

With traditional markets turning risk-averse, investors are shifting toward safe-haven assets like gold and the Japanese yen. Analysts warn that volatility may persist into the U.S. trading session. Jeff Mei, COO at BTSE, noted that crypto often leads traditional markets over the weekend, and continued losses are expected unless major economies secure tariff relief deals. While countries like Vietnam, Cambodia, and Taiwan have taken steps, broader moves from China or Japan are needed to restore market confidence.

SignalPlus head Augustine Fan warned that markets are now showing signs of a full-blown bear phase, with rallies likely to be short-lived. He noted that Bitcoin may eventually catch up to gold, but for now, further downside remains likely.