India, Aug. 1 -- A massive selloff attributed to the global trade war forcefully spilled over from the traditional financial markets to the digital currency markets ahead of the August 2 trade tariff deadline. President Trump's announcement of steep tariffs on several trading partners that rattled equity, commodity and currency markets created turmoil in the cryptocurrency market as well. Outflows from Bitcoin Spot ETF products in the U.S. also weighed on sentiment. Overall crypto market capitalization has declined close to 4 percent in the past 24 hours.
The broad-based erosion in crypto prices came in the backdrop of liquidation of long positions in the crypto market, shifting of investments from altcoins, dollar strength, hardening of b...