The cryptocurrency market in India experienced a downturn on March 27, witnessing a 0.91% drop in total market capitalization to approximately $2.77 trillion from its recent high of $2.86 trillion. Various factors contributed to this decline, including the escalation of trade tensions, liquidations of overleveraged futures positions, and a bearish technical setup. The recent announcement of 25% tariffs on auto imports and other goods by the US government has reignited concerns of a global economic slowdown, impacting market sentiment across asset classes. This development has led to fears of increased inflation, affecting consumer prices on essential goods. Consequently, top cryptocurrencies like Bitcoin (BTC) and Ether (ETH) are facing heightened selling pressure as traders liquidate their long positions due to the unexpected market conditions. The market has witnessed significant long liquidations compared to shorts, intensifying the sell-off across major cryptocurrencies. In recent weeks, traders had entered long positions in anticipation of a bullish trend continuation, but the tariff announcement and inflation concerns caught the market off-guard. The market is currently showing signs of another potential breakdown, with a rising wedge pattern indicating a bearish reversal. A confirmed breakdown from this pattern could lead to a significant drop in the total crypto market cap. Traders are advised to conduct thorough research and consider the risks involved before making any investment decisions.