\u201cThe momentum required for a sustained breakout has been lacking, and this has led to a period of contraction and consolidation across almost all major crypto assets,\u201d the analysts said.<\/p>\n
Bitcoin has fallen over 4.5% in the past 24 hours, hitting a low of under $91,000 \u2014 its lowest price since late November,\u00a0according\u00a0to CoinGecko. The wider crypto market has also fallen 8% in the past day, from over $3.31 trillion to around $3.09 trillion.<\/p>\n
The\u00a0market drop\u00a0comes as\u00a0Trump\u00a0said at a Feb. 24 news\u00a0conference\u00a0with French President Emmanuel Macron that his planned 25% tariffs on Canada and Mexico \u201care going forward on time, on schedule.\u201d<\/p>\n
The crypto market fall sparked a cascade of liquidations, with over $961.65 million\u00a0liquidated\u00a0in the last day, split between $891.52 million\u00a0long bets\u00a0and $70.14 million short bets, CoinGlass\u00a0data\u00a0shows.\u00a0<\/p>\n
Long Bitcoin bets took the lion\u2019s share of liquidations, with over $277 million wiped out in the past day.<\/p>\n Bitcoin long bets led the crypto market liquidations in the past day, which has neared $1 billion in total. Source:\u00a0<\/em>CoinGlass<\/em><\/p>\n<\/figcaption><\/figure>\n Bitfinex analysts said that Bitcoin is increasingly correlating with\u00a0traditional markets, and a major factor affecting a stalled crypto market is \u201ca similar stagnation in traditional financial markets\u201d that\u2019s been brought about by \u201cmacro-driven uncertainty.\u201d<\/p>\n The S&P 500 has fallen by 2.3% in the last five trading days, while the Nasdaq Composite has dropped 4% over that same time. Bitfinex said that the \u201cbroader equity market\u02bcs suppression has affected risk assets in general, including cryptocurrencies.\u201d<\/p>\n The analysts added that institutional demand for Bitcoin through spot exchange-traded funds has also \u201cslowed significantly,\u201d seeing\u00a0outflows on every trading day\u00a0for the week ending Feb. 21 totaling $552.5 million.<\/p>\n Bitfinex said that the wider US economy is challenged by weakening consumer confidence and rising expectations of further inflation.<\/p>\n It noted a Feb. 21 University of Michigan Consumer\u00a0Survey, which found that US consumer sentiment in February fell 10% from January to a 15-month low which reflected \u201cgrowing concerns about inflation and economic uncertainty\u201d that could slow spending.<\/p>\n Bitfinex analysts also said that a raft of proposed tariffs from President Donald Trump \u201care adding to inflationary pressures\u201d and have undone some progress made in disinflation over the past two years.<\/p>\nBTC\/USD Technical Indicators<\/h2>\n