The cryptocurrency market is experiencing a sharp downturn, with XRP, Solana (SOL), and Ethereum (ETH) leading the sell-off after President Donald Trump reaffirmed his plan to impose 25% tariffs on Canada and Mexico. The announcement has added to market uncertainty, causing widespread liquidations and significant outflows from crypto investment products.
Solana Faces Double Pressure: Meme Coin Deadline & Money Laundering Links
Solana is among the hardest hit, plunging over 12% in the past 24 hours. While broader market conditions contributed to the decline, additional pressure came from a deadline for meme coin activity on its blockchain. Adding fuel to the fire, crypto investigator ZachXBT revealed that multiple meme coins launched on Solana’s Pumpfun platform are linked to organizations allegedly laundering stolen funds for North Korea’s Lazarus Group. These revelations have further dampened investor confidence in Solana’s ecosystem.
XRP Drops Nearly 13% Following Trump’s Tariff Reaffirmation
Ripple’s XRP has plunged almost 13%, reacting sharply to Trump’s statement that the tariffs on Canada and Mexico will proceed in March as planned. Despite earlier attempts at negotiation, both nations have failed to reach an agreement with the U.S. government, forcing investors to reassess risk exposure in the crypto market.
Market-Wide Sell-Off Wipes Out $250 Billion
The market-wide fear caused Bitcoin (BTC) to dip below $92,000, leading to an 8% drop in total cryptocurrency market capitalization, erasing nearly $250 billion in value. According to Coinglass data, liquidations have surged, with nearly $1 billion in futures contracts wiped out, primarily from Bitcoin, Ethereum, and Solana.
Bitcoin ETF Outflows Signal Institutional Uncertainty
Adding to the negative sentiment, Bitcoin ETFs recorded $571 million in outflows last week—the second consecutive week of losses since the start of the year. According to CoinShares’ weekly ETF report, investors are pulling money out due to growing macroeconomic concerns, including the new tariffs and expectations surrounding Federal Reserve policies.
Is the Market Bottoming or Just Getting Started?
With fear gripping the market, many investors are watching key levels for potential rebounds. Will Bitcoin hold above $90,000? Will Solana and XRP find support, or is more pain ahead?
