XRP, Solana, and Dogecoin Drop 20% Amid Intensifying Crypto Sell-Off; Traders Anticipate More Downturn Ahead of U.S. Opening Bell

Crypto Markets Slide Further as BTC Breaks $75K, Traders Eye More Pain with Wall Street Open Ahead

Cryptocurrencies extended steep losses Monday, with bitcoin plunging below $75,000 and altcoins like XRP, Solana (SOL), and Dogecoin (DOGE) shedding over 20% — just hours before U.S. markets were set to open.

The downturn accelerated during European trading hours, wiping out tens of billions in market capitalization and driving nearly $1 billion in liquidations. The CoinDesk 20 index (CD20), which tracks the largest crypto assets, fell by 12%, reflecting broad risk aversion.

“Crypto tends to front-run traditional markets, and today’s action signals more downside as Wall Street opens,” said one trader watching the moves.

Altcoins Breach Key Levels

XRP dropped to $1.70, slipping below its 200-day moving average — a significant technical level now acting as resistance. SOL, trading below $100, is down more than 60% from its peak, and DOGE fell to $0.13 after slicing through several layers of support.

The sell-off followed an overnight wave of long position liquidations, spurred by mounting global economic concerns and the absence of immediate relief from macro headwinds.

Trump’s Tariffs Stoke Global Volatility

President Trump’s surprise announcement of sweeping tariffs on Canadian, Mexican, and Chinese imports — including a sharp increase in duties on China — has heightened fears of a full-scale trade war. China has hinted at deploying front-loaded stimulus to cushion its economy, but investor confidence remains shaken.

In response, safe-haven flows have surged toward gold and the Japanese yen, while risk assets like crypto and equities face sharp drawdowns. Dow futures fell by 900 points early Monday, contributing to the overall gloomy sentiment.

Cautious Outlook Amid Bearish Momentum

“Without a major trading partner stepping up with a tariff compromise, this sell-off could get worse,” said Jeff Mei, COO at BTSE. “Vietnam and Taiwan have made moves, but a bigger name like China or Japan would be needed to ease the pressure.”

SignalPlus’ Head of Insights, Augustine Fan, added that the market now mirrors classic bear behavior: “Rallies are sold, and optimism fades quickly. Unless catalysts emerge soon, we’re likely in for more turbulence.”

Fan also noted that despite long-term bullish structures for BTC compared to equities and gold, the near-term environment remains volatile: “Right now, it’s all about survival and risk control. Bottoms are a process — not a moment.”