Crypto Market Stumbles as Bitcoin and Ethereum Face Downward Pressure

The crypto market took a noticeable hit on Sunday, with its global valuation slipping by 2.02% to land at $2.69 trillion. Leading the declines were major players like Bitcoin and Ethereum, which struggled to maintain their footing as losses rippled across the digital asset landscape.

Bitcoin, the market’s heavyweight, fell below the $83,000 mark, hitting an intraday low of $82,397 per coin around 7:30 a.m. Eastern Time on March 16, 2025. Ethereum followed suit, shedding 2.45% of its value, while other prominent cryptocurrencies like Cardano and XRP recorded even steeper drops of 4.7% and 4.6%, respectively. This widespread downturn painted a challenging picture for investors, with nearly 72% of all cryptocurrencies trading in negative territory throughout the day.

Trading activity also reflected the market’s cautious mood. Over the past 24 hours, global crypto trade volume reached $47.63 billion, a significant 34.65% decrease from the previous day’s figures. Bitcoin alone saw a 1.67% decline, underscoring the broader bearish sentiment. Ethereum’s market share, holding steady at 8.4% with a valuation of $226 billion, couldn’t escape the pressure either. Meanwhile, Bitcoin continued to dominate with a 60.8% share, translating to a market cap of roughly $1.63 trillion. Despite these declines, the market’s sheer scale remains a testament to its enduring presence, even in turbulent times.

Liquidations and Losses Highlight Market Strain

The derivatives market offered little reprieve, as $159.57 million in positions were liquidated by Sunday morning. Long bets bore the brunt of this wave, with $112.45 million wiped out, including $28.53 million tied to Bitcoin and $25.75 million linked to Ethereum.

Data from CoinGlass revealed that 81,840 traders felt the sting of these liquidations, amplifying the sense of unease among market participants. Lesser-known tokens like WEMIX and SNEK each plummeted 8.73%, while TRAC and KAITO followed closely with losses of 8.67% and 8.41%, respectively. Even assets like RON and HYPE couldn’t dodge the downturn, declining by 7.6% and 6.57%. These figures highlight the pervasive challenges facing the crypto space, with few corners spared from the sell-off.

Amid this sea of red, a rare bright spot emerged within the TON ecosystem. Following the return of Pavel Durov’s passport by French authorities on March 15, TON tokens surged by 14.69%, bucking the broader trend. This development offered a glimmer of optimism for some investors, though it did little to shift the overarching bearish outlook.