The cryptocurrency market lost $300 billion in value in a single day after a brief growth period fueled by Donald Trump’s announcement of US Crypto Strategic Reserves. Bitcoin dropped by nearly 10%, and major altcoins like Ethereum, Solana, and XRP plummeted by 15% or more due to Trump’s imposition of tariffs on China, Mexico, and Canada, causing instability and a global market sell-off.
Today, Bitcoin’s price fell from $93,600 to $83,300, marking a 9.47% drop. Ethereum, Solana, XRP, and Cardano witnessed significant declines as well: ETH dipped by 11%, SOL plunged 15%, XRP fell 12%, and ADA crashed by 20%. Bitcoin’s current value is $84,119.28, with a market cap of $1.67 trillion and a 24-hour trading volume of $76.75 billion.
The crypto crash coincided with a sharp decline in US stocks. The S&P 500 dropped by 2%, and the Dow Jones fell by 650 points due to Trump’s new 25% tariffs on Mexican and Canadian imports and increased duties on Chinese goods. China retaliated with tariffs on US imports, reigniting concerns about a global trade war.
Analysts question if Trump’s recent actions, despite his crypto-friendly stance, amount to market manipulation. Critics claim his crypto reserve announcement led to an artificial rally, allowing insiders to profit before a subsequent crash. Economist Peter Schiff accused Trump of orchestrating a massive crypto pump-and-dump scheme, urging a Congressional investigation.
With Trump’s tariffs impacting global trade, the short-term outlook for crypto remains uncertain. Regulatory hurdles for US Crypto Strategic Reserves could increase volatility. Investors are preparing for a potentially turbulent phase in crypto history. Market capitalization has dropped by 10% to $2.77 trillion, wiping out Monday’s gains and fueling investor apprehension amidst economic instability.
Sources News From Various Digital Platforms, Websites, Journalists, And Agencies.
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