Bitcoin's price reached multi-month lows as concerns over the US-China trade war caused a wave of liquidations and pushed the overall cryptocurrency market capitalization under $3 trillion. The market cap currently stands at $2.717 trillion, down over 5% in the past 24 hours. A total of 241,118 traders were liquidated, with liquidations reaching $696.38 million. The largest single liquidation order occurred on Binance's BTCUSDT pair, valued at $32.09 million. The crypto fear and greed index fell to 10, its lowest level since July 2022, indicating "extreme fear." Traders kept risk assets at bay, and the altcoin market struggled to find momentum. The downturn in the crypto market was driven by concerns over the trade war, recent comments by US President Donald Trump, China's retaliatory tariffs on US goods, and a drop in Bitcoin futures on the Chicago Mercantile Exchange. Analysts believe that Bitcoin could dip even further, potentially retesting $78,000. Traders are also awaiting key economic reports, including the US Consumer Price Index and the Producer Price Index, which could impact the market. Despite the downturn, the altcoin market saw some slight gains, but most of the top 99 cryptocurrencies remained in the red. The Altcoin Season Index indicated that the majority of altcoins were underperforming compared to Bitcoin.



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