Macro Weakness Takes a Toll on Top Crypto Assets

Yet again, the crypto market registered a pullback on Tuesday, erasing all gains made over the past day.

Background

• Over the last 24 hours, around $980 million worth of positions have been liquidated from the market
• Among them, long positions accounted for the major chunk — $831.96 million
• Macro weakness continues to haunt crypto assets
• The S&P 500 dropped by 1.76%, the Dow Jones lost 1.48%, and the Nasdaq Composite Index shed 2.64% of its value over the past day

Why should you pay attention?

• The macroeconomic weakness, coupled with the uncertainty revolving around tariffs, triggered the latest correction
• In hindsight, all the assets that registered hefty pumps on the back of President Trump’s crypto reserve announcement ended up becoming the worse casualties today
• According to Kaito’s mindshare dashboard, ADA, XRP, and SOL were the top 3 mindshare losers
  

Who said what?

• A recent post by Ecoinometrics suggested,

“Given the strong link between Bitcoin and US tech stocks, Bitcoin's long-term recovery depends on the NASDAQ's ability to trend higher”

Zooming out

• Economist Peter Schiff deemed the latest price action to be “the biggest crypto rug pull of all time”
• He demanded the issue to be investigated
  
  

Other related reads/listens

• BTC, ETH, SOL, XRP, ADA to Be Included in Trump’s Crypto Strategic Reserve
• SEC Lets Coinbase, Opensea, Uniswap, Gemini, Robinhood Off the Leash
• Crypto Lawsuits Will 'Quitely' Go Away After Gensler Steps Down: Pantera CLO
• Trump's Triumph: America Rides the Pro-Crypto Wave
• Gensler: The SEC has 'Never Said' That BTC, ETH are Securities