The cryptocurrency market saw a sharp downturn on Friday, with Bitcoin slipping below $115,200 amid fresh US tariffs and widespread profit-taking that triggered large-scale liquidations. Bitcoin was trading at $115,149, down 3 per cent, while Ethereum dropped 5.5 per cent to $3,663 at 12.30 pm IST, according to CoinMarketCap data cited by Economic Times. The total global crypto market capitalisation declined 3.82 per cent to $3.75 trillion, reflecting broader risk-off sentiment. Altcoins mirrored the slide. XRP and Solana fell over 6 per cent, while Dogecoin, Cardano, Hyperliquid, Stellar, Sui, and Chainlink posted losses of 7–10 per cent. “Bitcoin slid 3% to trade near $115,300 as fresh US tariffs and a major profit-taking wave put pressure on crypto,” said Vikram Subburaj, CEO of Giottus, quoted by ET. “Over $635 million in leveraged positions were flushed out, mostly from long traders caught in a sharp intraday reversal.” Subburaj pointed to Bitcoin’s $115,000 level as a key support. “As long as BTC holds this level, the broader uptrend is intact. Heatmaps show heavy short interest above $120,000 and long liquidation zones below $115,000. If sellers push further, the $111,000–$115,000 range will be crucial for bouncebacks.” According to Coinglass, total crypto market liquidations reached $630.68 million in 24 hours, with long positions accounting for nearly 90 per cent. Analysts attributed the selloff to macroeconomic concerns and renewed trade tensions. “The nearly 3% dip in the global market cap is primarily driven by the Fed’s warning on slowing growth and new trade tariffs,” said Riya Sehgal, Research Analyst at Delta Exchange, cited by the financial daily. “Despite the drop, Bitcoin closed July above $115,000—its highest monthly close ever—showing long-term resilience.” Sehgal highlighted signs of cautious optimism in the BTC options market. “A Put-Call Ratio of 0.65 and visible call buildup between $116K–$120K suggests bullish expectations. Meanwhile, unwinding of puts near $109K–$111K signals weakening bearish sentiment.” Ethereum briefly dipped to $3,600 but recovered above $3,700, supported by retail buying and continued inflows into spot ETFs, which have now topped $21.85 billion. “ETH is holding ground around $3,700 despite a 5% decline,” said the CoinSwitch Markets Desk. “Momentum may return if BTC reclaims the $116,100–$116,200 range. Tether’s strong Q2 profit of $4.9 billion also highlights growing interest in stablecoins amid improving regulatory clarity in the US.” Despite the pullback, the broader outlook remains positive, analysts said. “Bitcoin remains in a healthy buy-the-dip zone,” said Parth Srivastava, Head of Quant at 9Point Capital. “Institutional demand continues to absorb supply, and we expect consolidation to lead to a fresh breakout heading into Q4.”(Disclaimer: Recommendations and views on the stock market and other asset classes given by experts are their own. These opinions do not represent the views of The Times of India)