- Major cryptocurrencies recovered after President Trump extended tariff pause to Canada, with ETH bouncing back to $2,881 from $2,135.
- Over $600 million in Ethereum futures positions were liquidated during Monday’s 18% crash.
- Solana showed stronger recovery than Ethereum, rising 13.5% to $216 with increased trading volume.
- Total crypto derivatives liquidations exceeded $2.2 billion during the market turmoil.
- World Liberty Finance executed significant transfers totaling $60 million, primarily to Coinbase Prime deposits.
Cryptocurrency markets staged a significant recovery Monday evening as President Donald Trump‘s decision to extend tariff pauses to North American trading partners eased global market tensions. The move triggered a notable rebound in major digital assets, particularly Ethereum and Solana, following one of the most substantial single-day declines in recent history.
Ethereum, the second-largest cryptocurrency by market capitalization, demonstrated remarkable volatility, plummeting to $2,135 before recovering to $2,881. The 18% crash resulted in the liquidation of over $600 million in futures positions, marking the steepest decline since May 2021.
Meanwhile, Solana exhibited greater market resilience, recording a 13.5% recovery from its intraday low of $190 to $216. Trading data from GeckoTerminal revealed a 27% surge in SOL’s trading volume, underlining its growing prominence in meme-coin trading and decentralized finance sectors.
“Strong performers this cycle, such as SOL and XRP, led the recovery, as AI-related tokens, which were among the worst performers yesterday, rebounded,” noted Min Jung, analyst at Presto Research.
The market turbulence initially stemmed from geopolitical tensions, triggering over $2.2 billion in crypto derivatives liquidations. Ben Zhou, CEO of Bybit, suggested that actual liquidation figures might be higher due to exchange API limitations.
A notable development came from Eric Trump’s social media post expressing optimism about Ethereum, coinciding with significant wallet movements from World Liberty Finance, a Trump family-backed DeFi project. The project’s Gnosis Safe Proxy executed transfers totaling approximately $60 million, with $55.69 million in Ethereum and $5 million in USDC, primarily directed to Coinbase Prime deposits, as tracked on Arkham’s platform.
The market’s recovery highlights the increasing correlation between cryptocurrency markets and global trade policy developments, while also demonstrating the sector’s susceptibility to high-profile social media influences and institutional money movements.
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