The cryptocurrency market faced a significant downturn on Tuesday, with major assets such as Bitcoin, Ethereum, Dogecoin, and Shiba Inu recording double-digit losses. The crash follows a massive liquidation of $1.07 billion in funds late Monday, triggering widespread panic among investors. This sell-off comes just days before the highly anticipated Crypto Summit at the White House, which is expected to set the tone for the future of digital assets in the U.S.
JUST IN: $1,070,000,000 liquidated from the cryptocurrency market in the past 24 hours.
— Watcher.Guru (@WatcherGuru) March 4, 2025
Market Bloodbath: Bitcoin and Ethereum Lead the Decline
Bitcoin plunged 10% on Tuesday, struggling around the $84,000 mark, while Ethereum suffered an even steeper drop of nearly 14%, hovering around $2,090. Analysts warn that ETH could fall further to the $1,900 level if bearish sentiment persists. Meanwhile, meme coins Shiba Inu and Dogecoin also nosedived, with little indication of an immediate recovery.
This sharp decline is largely attributed to escalating geopolitical tensions, particularly the new tariffs imposed by the U.S. government. As of Tuesday, Canada faces 25% tariffs on exports to the U.S., while China has been hit with a 10% tariff increase. The stock market reacted negatively, with the Dow Jones tumbling 650 points, the Nasdaq shedding 500 points, and the S&P 500 plummeting by more than 100 points. This widespread financial turmoil has spilled over into the crypto market, intensifying the sell-off.
White House Crypto Summit: A Turning Point?
The upcoming White House Crypto Summit is set to be the first of its kind hosted by the U.S. government. Industry leaders, policymakers, and regulators will gather to discuss the future of digital assets, regulatory frameworks, and potential government-backed initiatives. The summit could play a pivotal role in shaping investor sentiment and market stability in the coming weeks.
What’s Next for Crypto Investors?
Despite the current bearish trend, history suggests that leading cryptocurrencies like Bitcoin, Ethereum, Dogecoin, and Shiba Inu are often the first to recover when the market stabilizes. Traders may seek entry positions during these dips, anticipating a potential rebound if the market regains confidence.
Also Read: Bitcoin Crashes to $86K: $1.59B Liquidations Trigger Market Panic – What’s Next?
With uncertainty looming, all eyes are on the Crypto Summit to determine whether the industry can navigate through this turbulence and emerge stronger.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of CoinBrief.io. Before making any investment decisions, you should always conduct your own research. Coin Brief is not responsible for any financial losses.
