Crypto Price News For March 28: Bitcoin Falls to $85K, Altcoins Struggle

The crypto market turned red again today as escalating trade tensions and mass liquidations triggered another wave of sell-offs. The latest tariff announcements by President Donald Trump have rattled financial markets, leading to declines across risk assets, including cryptocurrencies.

According to CoinMarketCap, the global cryptocurrency market cap has dropped by 2.56%, now standing at $2.78 trillion. However, market volume has surged by 6.35%, reaching $82.29 billion, indicating heightened trading activity as investors react to market volatility. The CMC 100 Index has also declined by 3.15%, reflecting broad-based weakness in the crypto sector.

Driving Market Forces

The downturn comes amid escalating trade tensions, as President Donald Trump announced a 25% tariff on auto imports from Canada, Mexico, and China, set to take effect on April 3. This move has fueled fears of a global economic slowdown, leading to a 1.85% decline in the S&P 500 and rising concerns over inflation. Also, St. Louis Fed President Alberto Musalem warned that tariffs could raise consumer prices, fueling renewed inflation concerns. These measures have raised fears of a global economic slowdown, impacting financial markets.

As a result, Bitcoin (BTC) has fallen 2.54%, currently trading at $85,193. After briefly crossing $88,000, it failed to hold above this key level, which negatively impacted market sentiment. Another key factor behind the crypto sell-off is long liquidations. Over the past 24 hours, Bitcoin has suffered $62.45 million in net liquidations, with $48.94 million coming from long positions. Ethereum faced $43 million in long liquidations, out of $51.76 million in total.

Top Gainers

Despite the broader sell-off, a few cryptocurrencies managed to post gains:

• Toncoin (TON): +5.38%
• Cronos (CRO): +5.22%
• Four (FORM): +4.92%
• Berachain (BERA): +1.49%

Toncoin (TON) led today’s gains, rising 5.38%. Cronos (CRO) followed closely with a 5.22% increase, possibly benefiting from its latest platform updates. Four (FORM) gained 4.92%, while Berachain (BERA) managed a modest 1.49% uptick, standing out as one of the few altcoins in the green.

Top Losers

A long list of cryptocurrencies suffered steep losses today:

• POL (POL): -10.19%
• Shiba Inu (SHIB): -8.04%
• Polkadot (DOT): -7.55%
• Chainlink (LINK): -7.45%
• Dogecoin (DOGE): -6.92%
• Bitcoin Cash (BCH): -6.71%
• Avalanche (AVAX): -6.11%
• Litecoin (LTC): -6.10%
• Sui (SUI): -5.97%
• Ethereum (ETH): -5.81%
• XRP (XRP): -5.45%
• Solana (SOL): -5.18%
• Stellar (XLM): -5.48%

POL (POL) took the hardest hit, dropping 10.19%, and Shiba Inu (SHIB) followed with an 8.04% loss. Polkadot (DOT) fell 7.55%, and Chainlink (LINK) dropped 7.45%, showing weakness in their ecosystems despite previous strong performances. Dogecoin (DOGE) slid 6.92%, while Bitcoin Cash (BCH) lost 6.71%, reflecting the general downtrend in major altcoins. Also, Avalanche (AVAX) dropped 6.11%, and Litecoin (LTC) fell 6.10%.

Sui (SUI) and Ethereum (ETH) both saw 5.97% and 5.81% declines, respectively, following Bitcoin's bearish momentum. XRP (XRP) dropped 5.45%, while Solana (SOL) lost 5.18%. Stellar (XLM) rounded out the list with a 5.48% loss, underscoring the overall weakness in the market.

Conclusion

Overall, the latest trade war-related uncertainty continues to weigh on the crypto market, with the tariff escalation fueling further downside. The market will be watching for any additional comments from President Trump on trade policy, as well as updates on global economic conditions.

If Bitcoin can hold above the $85K support level, altcoins may find some stability in the coming days. However, in the short term, the market remains vulnerable to further declines, with many traders opting for caution in these volatile conditions.