Why It Matters:
The new tariffs complicate the ongoing trade wars, affecting traditional markets and the cryptocurrency sector. The sharp decline in Bitcoin and other altcoins underscores the market's sensitivity to geopolitical and economic changes.
Key Points:
- Global crypto market cap dropped nearly 12% over the past 24 hours, settling at about $3.15 trillion.
- Bitcoin (BTC) declined by 6.7%.
- BTC fell to a low of approximately $91,200 before rebounding to around $94,000.
By the Numbers:
The drop in Bitcoin's price has negatively impacted other altcoins:
- Ethereum (ETH): Down 20.19%
- Ripple (XRP): Down 22%
- Solana (SOL): Down 8%
- Binance Coin (BNB): Down 16.84%
Go Deeper:
Following Trump’s inauguration on January 20, Bitcoin and various altcoins saw a substantial price increase. However, the U.S.-cooked tariff policies, severely impacted market sentiment and asset values.
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