Bitcoin slips below $95,000, Ether tanks 26% as Trump’s tariffs spark crypto market selloff | Stock Market News
Source: Live Mint
Tariffs announced by US President Donald Trump sent the cryptocurrency market into a tailspin, as investors pared exposure to riskier assets.
Bitcoin, the world’s biggest and most popular crypto token, crashed 5% to $93,921.93 in Monday’s trading session and even touched a three-week low of around $91,441.89.
Ether, the second-largest digital asset by market value, tanked over 26% to $2,135 in trade today. It was the token’s largest intraday decline in percentage terms since May 2021, according to data compiled by Bloomberg.
Some of the other smaller tokens fared equally worse, shedding between 15-23%.
Memecoin DOGE tanked 23% to $0.2313 according to data from coinmarketcap.com. Meanwhile, Solana was down 6% and XRP 21.60%.
Crypto Market Crash
The crash in the crypto market comes on the heels of tariffs imposed by the US on China, Mexico and Canada. Over the weekend, Donald Trump levied 25% tariffs on Mexican Canadian imports, and 10% on goods from China, starting Tuesday.
Canada and Mexico, the top two U.S. trading partners, immediately vowed retaliatory measures, and China said it would challenge Trump’s levies at the World Trade Organization.
The downslide in the crypto market also follows a sharp rally after Trump assumed his role as the US President.
After he was sworn in as the 47th US President, Bitcoin prices had rallied past the $100,000 mark touching, a record high of $107,071.86 on expectations that he would bring in crypto-friendly regulations.
On January 24, Trump signed an order that set up a group to create clear rules for crypto businesses in the US within six months. This group will also look into the idea of creating a crypto reserve.
Trump – who once labelled crypto a scam – embraced digital assets during his campaign, promising to make the United States the “crypto capital of the planet.”
(With inputs from agencies)
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