The cryptocurrency market has declined on March 27, with market capitalization dropping by 0.91% to approximately $2.77 trillion. Key contributors to this downturn include escalations in the trade war led by recent tariffs from the US, significant long liquidations in overleveraged positions, and a bearish technical setup. On March 25, the US announced a 25% tariff on auto imports and other goods from Canada, Mexico, and China, rekindling fears of a global economic slowdown. This has negatively impacted market sentiment across various asset classes, including a nearly 1.85% drop in the S&P 500. The concern over rising inflation due to tariffs is causing higher rates, which has led to a reduction in rate cut expectations in the futures market. Notably, Bitcoin and Ether saw substantial liquidations, with Bitcoin experiencing $62.45 million in net liquidations. Technical analysis suggests that the crypto market may face further declines unless a bullish reversal occurs, as a rising wedge pattern indicates the potential for more bearish momentum.

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