The wider crypto market, including Bitcoin, Ethereum, and XRP, is experiencing heavy losses.
Trade war fears, forced liquidations, and bearish technical setup are the major forces behind the current crypto sell-off.
The trade war between the US and China, as well as potential tariffs from other nations, have led to profit-taking and increased selling pressure in the crypto market.
Macroeconomic concerns, including the possibility of a US recession and rising inflation, are also impacting the crypto market.