Cryptocurrencies declined for the second consecutive session in midday trading on Tuesday, February 24th, after a two-week period of stability. This decline comes amidst a decrease in risk appetite in the markets following US President Donald Trump’s announcement that he would raise global tariffs to 15%, further increasing market uncertainty since the beginning of the week.

The decline in cryptocurrencies coincided with strong selling pressure on Bitcoin. Reports indicated significant selling activity in trading positions, including the liquidation of leveraged positions. Bitcoin exchange-traded funds (ETFs) listed in the US experienced outflows exceeding $200 million on Monday, adding further pressure to the overall cryptocurrency market.

Bitcoin is on track to record its fifth consecutive monthly loss, its longest losing streak since 2018, and its largest monthly decline since the 2022 crash, having lost nearly 20% so far. The combined market capitalization of cryptocurrencies, according to Coingeko, which tracks over 17,000 cryptocurrencies, fell by approximately 3.9% on Tuesday, trading at $2.26 trillion.

Bitcoin traded at $62,899, down about 4.96% by midday, with its market capitalization falling to $1.257 trillion. Ethereum, the second-largest cryptocurrency, declined by about 5.25%, trading at $1,819 with a market capitalization of $219 billion.

XRP (Ripple) also fell today by about 5.52%, trading at $1.33 with a market capitalization of $81 billion. Dogecoin is down about 6.52% today, trading at $0.0909, with its market capitalization falling to $15 billion. Cardano is also down about 6.40%, trading at $0.2561, with a market capitalization of approximately $9 billion.

Solana is losing about 5.33%, trading at $76, with a market capitalization of $43 billion. TRON is also declining, losing 1.33% and trading at $0.2812, with its market capitalization dropping to $26 billion.