Key Notes
- Data from Coinglass reveals over $600 million in crypto market liquidations in the last 24 hours, with $500 million in long liquidations.
- Despite recent bullish drivers like ETF inflows and stablecoin legislation, heightened volatility and macroeconomic concerns have weighed heavily on the market.
- Former BitMEX CEO Arthur Hayes anticipates a major altcoin season this summer, with Ethereum poised to outperform Solana.
The broader crypto market has come under strong selling pressure over the weekend amid rising concerns around Trump’s tariff wars. Altcoins are leading today’s crypto bloodbath with top assets like Ethereum (ETH), XRP, Solana (SOL), Dogecoin (DOGE), and Cardano (ADA), correcting between 5-and 7% in the last 24 hours. According to Coinglass data, the crypto market liquidations in the last 24 hours have soared to over $600 million. Of these, $500 million is in long liquidation while $98 million is in short liquidation.
Bitcoin’s price experienced a sharp decline on Friday, dropping from a daily high of $111,200 to just above $107,000. This was due to renewed fears of a tariff war sparked by President Donald Trump. Trump threatened a 50% tariff on the European Union, citing stalled negotiations, which rattled market sentiment.
This pullback comes after Bitcoin recently reached fresh highs above $111,500, driven by ETF inflows, stablecoin legislation progress, and increased institutional buying. However, these supportive factors have failed to shield altcoins, which remain under pressure in the short term. In a Telegram message, Haiyang Ru, co-CEO of HashKey Group, said:
“Bitcoin reaching a new all-time high also carries altcoins toward a bullish direction. But if BTC’s volatility picks up again, traders may rotate into regulated stablecoins — especially with new frameworks in the U.S. and Hong Kong easing that transition.”
Will Ethereum bounce Back to Kickstart Altcoin Season Again?
The global macro uncertainty has once again gripped crypto market as tariff tensions continue to escalate and US Treasury yields have surged to 4.5%. Altcoins like Ethereum will play a decisive role in deciding future trajectory, after 50% upside over the past month.
Ethereum (ETH) staged a strong rally earlier this week to $2,700, wherein it faced a partial pullback and is now trading under $2,600. For a sustained upside, the ETH price needs to cross $2,900 convincingly for a further move to all-time high.
Former BitMEX CEO Arthur Hayes had predicted a significant altcoin season this summer, with Ethereum expected to outperform Solana in the upcoming rally.
According to Hayes, this altcoin season will differ from 2021, when nearly every cryptocurrency surged by 100x. Instead, the market may see a more selective and measured rally this time.
Solaxy ($SOLX) Presale Gains Momentum
With Solana solidifying its position in the crypto ecosystem, Solaxy ($SOLX) is making waves as an innovative blockchain solution designed to enhance Solana’s performance and scalability.
Solaxy tackles persistent issues such as network congestion, scalability bottlenecks, and transaction failures during peak activity periods. By processing transactions off-chain and bundling them into optimized batches for final settlement on Solana’s mainnet, Solaxy aims to improve transaction reliability and network efficiency.
SOLX Presale and Tokenomics
To support early investors, Solaxy has launched a presale of its native token, SOLX, offering a competitive 103% APY for staking.
Presale Highlights:
- Token Price: $0.001732
- Funds Raised: $39.1 million
- Payment Options: Crypto, Card
- Ticker: SOLX
Post-presale, the SOLX token will be deployed across multiple chains, enabling participants to bridge their holdings to the SOLAXY Layer 2 blockchain.
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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.