Recent geopolitical developments have sparked significant volatility in the cryptocurrency market, much to the dismay of investors. Particularly, the recent tariff announcements by former President Donald Trump affecting China, Canada, and Mexico have propagated a ripple effect in the crypto sector. This has not only impacted traditional markets, such as stocks and currencies, but also led to substantial corrections in major cryptocurrencies. Within just 24 hours, the cryptocurrency market experienced an unprecedented downturn, causing notable losses for investors across various platforms.
Significant Decline in Major Cryptocurrencies
The market’s biggest player, Bitcoin, has seen a dramatic decline, falling more than 4% in the past 24 hours. Currently trading at approximately $95,110.82, Bitcoin has reached its lowest level in three weeks, a stark contrast to its all-time high of $109,114.88 achieved on January 20. This sharp drop of about $14,004.06 reflects a staggering loss of over 12% for investors within just two weeks. Experts predict that further declines could ensue due to the ongoing tariff implications.
Impact of Trump’s Tariff on Bitcoin and Other Cryptos
The repercussions of Trump’s tariff decisions extend well beyond traditional markets, creating a highly uncertain environment for cryptocurrency investors. The volatility is evident, sparking concerns over further price corrections in Bitcoin and other digital assets.
Overview of Major Cryptocurrency Losses
| Cryptocurrency | 24-Hour Decline (%) | Price (Current) | Weekly Decline (%) |
|---|---|---|---|
| Bitcoin | 4% | $95,110.82 | 12% |
| Ethereum | 16% | Below $2,600 | N/A |
| XRP | 15% | $2.37 | 16% |
| Solana | 5% | $198.79 | 12% |
| BNB | 11% | $575.99 | 12% |
| Dogecoin | 13% | $0.254 | 19% |
| Cardano | 19% | $0.71 | 20% |
| Avalanche | 18% | $25.25 | 24% |
| Shiba Inu | 15% | $0.0000146 | 18% |
| Polkadot | 17% | $4.69 | 17% |
Overall Cryptocurrency Market Impact
The overall cryptocurrency market cap has suffered a staggering loss, reportedly down by $500 billion following Trump’s tariff announcements. According to CoinMarketCap data, the market cap has plummeted by 8.07% to approximately $3.1 trillion, down from $3.6 trillion just a day prior. If this trend continues, experts warn that the market cap could dip below the $3 trillion threshold, further complicating the recovery prospects for investors and stakeholders in the crypto space.