The cryptocurrency market, which marked a new record earlier this week when the total capitalization hit $4.4 trillion, is in a free-fall state after the US President Donald Trump issued a warning against China.

Ethereum is among the poorest performers on a daily scale, losing nearly 6% of value. ETH has broken below $4,100, and it’s on its way to $4,000 for the first time in a few weeks. Its weekly losses are up to 10.6%, according to CoinGecko data.

Similar losses are evident from other larger-cap alts such as SOL and DOGE. Both are down by over 4.5% daily and struggle below $210 and $0.24, respectively.

Ripple’s XRP has fared slightly better on a 24-hour scale, losing a more modest 3%. However, it’s down by almost 11% in the past week and is currently testing a crucial support at $2.70.

Bitcoin led the charge south, dropping from over $121,000 to $119,000 at first after Trump’s statement against Beijing. However, its performance has only worsened since then, and it’s down to $117,000 as of press time. CW believes the first major buy wall is situated at $116,700, which could provide some support for the asset.

Altcoin Sherpa noted that if BTC closes below $117,600 weekly, it would be destined for another fall to $115,000.

Satoshi Flipper was more positive, indicating that today’s sell-off, which also extended in the broader financial markets, including the S&P 500, will simply increase the odds for two more interest rate cuts by the US Fed of 25 bps. As such, the analyst said the current correction is a “monster discount.”

The liquidation data from CoinGlass is rather painful. The total value of wrecked positions has shot up to $900 million on a daily scale, as over 250,000 traders have been wrecked.

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