Cryptocurrency prices have experienced a sharp degradation in the last few hours, with Bitcoin (BTC) now down about 3% over the last 24 hours, while larger altcoins including XRP, BNB and SOL are down between 4% and 5% in the same period.

The wider cryptocurrency market represented by the Coindesk 20 index (CD20) lost about 3.3% of its value in the period. The sharp drop brings BTC’s performance down 1.7% for the week, while the CD20 is down almost 5%.

Over the past 24 hours, over $ 300 million was worth of long positions liquidated on centralized cryptocurrency exchanges, while $ 38.8 million worth of shorts were liquidated on these platforms, according to Coinglass data.

The drop seems to be part of a broader derinal step among the traders as investors expect the impact of President Donald Trump’s mutual tariff rates that are set to come into force on April 2. The move was increased after core personal consumption expenses (PCE) data came in warmer than expected on Friday.

Just this week, consumer confidence data dipped longer than expected, while the index for future expectations came in on a 12-year-old low and well under levels associated with an incoming recession.

This collapse of factors has seen investors reduce their exposure to risk assets and triggered a flight to security. Coindesk Data’s latest stableecoin report shows that gold-supported cryptocurrencies have benefited from risk-taking relocation as their market value climbed over $ 1.4 billion in March.

Gold -supported Cryptocurrencies actually counteract the market’s bearish trend. While the CD20 is down over 3% in the last 24-hour period, tokens including PAXG and XAUT have risen 0.7% to over $ 3,100. These tokens have risen more than 18% years to date, while BTC is down 12.5% ​​and the CD20 index 28% so far this year.