In the past 24 hours, the price of Bitcoin (BTC) decreased by over 3.5%, plunging to the $91,000 channel, hitting its lowest level since late November. Simultaneously, the total cryptocurrency market value dropped by 8% from $3.31 trillion to $3.09 trillion. This decline followed Donald Trump’s statements on imposing 25% tariffs on imports from Canada and Mexico. Subsequently, the crypto fear and greed index dropped from 49 to 25, indicating ‘extreme fear’ in the market. These conditions led to widespread liquidation of trading positions. According to CoinGlass data, a total of $961.65 million in positions were liquidated in the past 24 hours, with $891.52 million from long positions and $70.14 million from short positions. Moreover, the highest liquidation volume was related to long Bitcoin positions, totaling over $277 million. Bitfinex analysts consider these price levels as a critical point for the market. Bitcoin has been fluctuating between $91,000 and $102,000 over the past three months and due to the lack of necessary driving force for an upward movement, it continues to trade in a narrow range. Bitfinex analysts emphasize that Bitcoin has increasingly correlated with traditional financial markets. They state that the current crypto market recession is influenced by uncertainties in macroeconomics and the halt in growth in traditional markets. Meanwhile, institutional demand for Bitcoin through ETF funds has decreased, with investors withdrawing $552.5 million from these funds in the week ending February 21, 2025. Reports also indicate a 10% decrease in American consumer confidence in February, reaching its lowest level in 15 months, intensifying concerns about inflation and uncertain economic conditions. On the real-time digital currencies prices page, you can see the live and instant prices of all tokens and cryptocurrencies.
