Major digital assets extended weekly losses as traders weighed the impact of potential restrictions on President Trump’s trade powers.
Cryptocurrency declines continued on Tuesday, with major assets widening losses amid heightened uncertainty over U.S. trade policy.
Bitcoin (BTC) is trading at around $101,000, down nearly 6% in 24 hours and 12% for the week. Ethereum (ETH) fell 7.5% to $3,376, taking its weekly loss to nearly 18%.
Among large-cap stocks, BNB fell to $916, down 9% for the day and 19% for the week. Solana (SOL) fell to $154, down 9% in 24 hours and 22% for the week. XRP then fell to $2.21, down 7% for the day and 16% for the week.
top mover
The day’s top gainers were Internet Computer (ICP), which rose 42% to $5.60, and Dash, which rose 27% to $118.
Top decliners include Bittensor (TAO), which fell 20% to $394, Story Protocol (IP), which fell 15% to $3.51, and Aptos (APT), which fell 13% to $2.55.
The global cryptocurrency market capitalization decreased by 6% in the past 24 hours to $3.44 trillion, with Bitcoin accounting for 58.4% and Ethereum accounting for 12%.
Clearing and market flow
According to Coinglass, around $1.1 billion in cryptocurrency positions have been liquidated in the past 24 hours. The long position was approximately $915 million and the short position was $178 million.
Bitcoin led the liquidation with about $400 million, followed by Ethereum with about $280 million, and Solana contributed $80 million.
Spot Bitcoin ETFs saw outflows of $186 million on Monday, marking the fourth consecutive day of total outflows of more than $1.3 billion.
The Spot Ethereum ETF recorded nearly $136 million in outflows, also the fourth consecutive day of outflows, totaling about $500 million, according to SosoValue.
Macro impact
“Crypto prices continue to fall, driven down by a lack of positive macro news,” said Paul Howard of Wincent. “Summer buying from DAT and ETF stocks appears to have largely dried up and been replaced by selling from long-term wallet holders over the last month.”
Howard said the current data shows that “we are in a situation where we could potentially see a bear market in line with Bitcoin’s much-touted four-year cycle.” But he said if prices hold above the psychological $100,000 level, “we should avoid a lot of panic selling and liquidations below.”
The market weakness comes as the Supreme Court is expected to decide soon whether President Donald Trump can use the International Emergency Economic Powers Act of 1977 to impose significant tariffs on U.S. trading partners.
The tariffs are aimed at combating trade deficits and drug trafficking and face legal challenges that argue the president cannot impose them without Congressional approval. Experts say small and medium-sized businesses are already feeling the impact, facing rising costs, supply chain disruptions and job cuts.
“A curtailment of the president’s trade authority could reshape the U.S. foreign trade framework and global risk asset pricing,” analysts at Bitunics said in comments to The Defiant. “The dollar may face short-term pressure due to increased risk aversion.”
As for cryptocurrencies, they added that although volatility is likely to continue, a more moderate trading approach and increased liquidity could benefit Bitcoin in the medium term.
“The Supreme Court’s decision could be a key macro turning point in the fourth quarter as market focus shifts from interest rates to policy legitimacy,” they said.