The announcement sent shockwaves across multiple asset classes, including currencies, metals, equities, and crypto.
Major cryptocurrencies like Bitcoin, Ether, and Solana saw steep declines. Bitcoin fell from around $115,000 to $103,000, Ether dropped nearly 14.5% from $4,300 to $3,700, and Solana declined almost 20% from $223 to $178. Overall liquidations in the crypto market totalled nearly $18.2 billion, marking the largest single-day selloff in history.
Bitcoin accounted for $5 billion of this, Ether $4 billion, and Solana $2 billion.
Despite the sharp declines over the past week and month—Ether, Solana, Ripple, Cardano, and Polygon fell between 10% and 25%—cryptocurrencies continue to deliver strong year-on-year returns.
Bitcoin is up 75%, Ether 59%, and Solana 25% over the past year, while older coins like Ripple, Binance Coin, and Cardano have posted gains of 370%, 121%, and nearly 100%, respectively.
The market has seen a partial rebound in the past few days, but volatility remains high, reflecting the sensitivity of cryptocurrencies to global geopolitical and economic developments. Analysts note that crypto trades 24/7, and weekend trading volumes can sometimes exceed weekday activity, adding to the market swings.
Also Read: Bitcoin rally continues in 2025, Deutsche Bank sees it joining gold by 2030
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