Degen

Cryptocurrency prices have seen a sharp decline in recent hours. Bitcoin is down about 3% in the past 24 hours, while major altcoins such as Ripple, Binance Coin, and Solana are down between 4% and 5%.

The sharp decline brings Bitcoin’s weekly performance to minus 1.7%. More than $300 million in long positions have been liquidated on centralized exchanges. The decline is part of a broader risk-off movement among traders as they await the impact of President Trump’s retaliatory tariffs.

Recent economic data, including a drop in consumer confidence and a rise in the Personal Consumption Expenditures Index, have also fueled the trend. Gold-backed cryptocurrencies, meanwhile, have benefited from the situation, with their market value reaching over $1.4 trillion.