Larger tokens fell more than 25% over the last 24 hours as a new wave of tariffs imposed by the United States in Canada and Mexico over the weekend gave birth to lectures on a global trade war – souring mood for risk assets.

XRP, Dogecoin (DOGE) and Cardanos Ada fell more than 25% to reverse all the winnings since December and reached election levels from the beginning of November. Most majors are down 40-50% in the last month data shows, making it one of the steepest dives in recent years. The total market value decreased 12%, the worst decrease in over a year, while the widely based Coindesk 20 (CD20) lost 10%. Bitcoin (BTC) dropped 6%.

Futures markets reflected these losses with traders of Ether (ETH) -tracked products that lost over $ 600 million in the last 24 hours, largely in the early Asian hours. XRP and DOGE betting lost a cumulative $ 150 million, altcoin-tracked products lost $ 138 million and ether-tracked futures lost $ 84 million.

The total liquidations crossed $ 2.2 billion, the highest this year and among the biggest such levels in the past year. The largest single liquidation order happened on Binance, a Tether-Margined ETH trade, an equal 20% fall, and it behaves like an altcoin on the disadvantage without the benefit of long-term institutional influxes and a shortage of catalysts in the short term, ”said Augustine- Fan, Head of Insight on SignalPlus, Coindesk in a telegram message.

“Massive long futures liquidation was observed over the weekend with over 2 billion in Futures Stop Outs over the last 24 hours, the sharpest liquidation event in crypto history. Markets are likely to be in a full risk off mode when we wait for the US stock market open, ”added fan.

Liquidation happens when a trader does not have sufficient funds to keep a geared trade open. The Crypto market with high volatility means that liquidations are a common event, although major events such as Monday can provide action signals for additional market mood or positioning.

The market correction stems from a trade war that US President Donald Trump has apparently ignited with 25% tariff rates located in Canada and Mexico. The move has caused immediate disturbances in North American trade conditions, where both countries threatened retaliations.

Financial markets are concerned about the potential for increased costs of goods affecting industries from car to agriculture. The interconnected economies of these nations suggest that this customs submission may lead to a broader financial downturn, threatening jobs and raising the cost of consumers.