tl;dr
Several major cryptocurrencies, including Bitcoin, Ethereum, XRP, Solana, and Dogecoin, have experienced significant price drops of 10% or more in the past day. The decline is attributed to concerns over President Trump's tariffs on trading partners, with expectations of negative impacts on risk ass...
Cryptocurrencies, including Bitcoin, Ethereum, XRP, Solana, and Dogecoin, have plummeted by 10% or more in response to concerns over President Trump's tariffs on trading partners. Trump's social media posts have further fueled market unease, contributing to the decline. Moreover, over $900 million worth of crypto futures positions have been liquidated in the last 24 hours.
Bitcoin is currently trading at $96,879, down over 5% on the day and 8% over the last week. Ethereum has experienced a 10% drop to $2,940, while XRP has plummeted by 15% to $2.54. Solana's native token has fallen by nearly 12% to below $200, and Dogecoin has experienced a 16% crash, reaching under $0.27.
The decline in crypto prices follows Trump's imposition of tariffs against Canada, Mexico, and China, with further drops occurring after retaliatory plans from Canada and Mexico were revealed. This has instilled expectations that the tariffs will impact consumers across the board and potentially diminish interest in investing in risk assets like cryptocurrencies.
Trump's recent statement on his social media platform, Truth Social, has conveyed a mixed message, acknowledging potential "pain" while also emphasizing the forthcoming "golden age of America." The market has witnessed over $900 million in liquidations of crypto futures positions within the last 24 hours, led by Bitcoin with $180 million worth of liquidations.