Crypto Markets Melt Down in $400B Selloff on Trump’s Trade Tariffs

View in browser Crypto Markets Melt Down in $400B Selloff on Trump's Trade Tariffs The cryptocurrency market experienced a significant downturn, shedding over $400 billion in value within 24 hours, marking the largest crash in recent months. This decline was primarily triggered by President Donald Trump's announcement of imposing trade tariffs on Canada, Mexico, and China.  The market capitalization fell approximately 12%, reaching around $3.1 trillion, levels unseen since mid-November. Bitcoin (BTC) dropped about 7.5%, hitting an intraday low of $91,300 before recovering to $93,000.  Altcoins faced even steeper declines: Ethereum (ETH) plunged 25% below $2,400, its lowest since October; Ripple's XRP decreased by over 26%, falling below $2; Solana (SOL) declined 14% to $180; Binance Coin (BNB) lost 16%, reaching $550; and Dogecoin (DOGE) dropped 24% to $0.22.  Economist Alex Krüger noted that aggressive tariffs negatively impact risk assets like Bitcoin and could harm the broader economy.  He suggested that the crypto market might have already priced in these concerns, potentially limiting further downside, especially for altcoins that have already seen substantial declines. Price Action Total Mkt Cap: $3.2 Trillion | 24HR Liquidations: $2.2B | Sentiment: Fear  Thanking our Newsletter sponsor: Credefi: the ultimate RWA gateway. Connecting crypto lenders with SME borrowers since 2021. Discover predictable yields on your idle crypto assets. Bitcoin It was just three days ago when the primary cryptocurrency stood above $106,000 despite the US Fed's decision to keep the interest rates unchanged. It cooled off on Saturday and slipped to $102,000, but that was just the start of a more severe correction. Sunday morning turned red after US President Donald Trump imposed taxes on Canada, Mexico, and China, and the subsequent retaliation didn't take long. BTC slumped from $102,000 to $97,000 but maintained within those levels for most of the day. However, the bears took complete control of the market on Monday morning, and they pushed BTC south hard. Within a few hours, the cryptocurrency plunged by six more grand and dumped to under $92,000, thus losing $10,000 since Sunday morning. It bounced off after that low and now sits above $95,000. Still, its market cap has plunged to under $1.9 trillion. However, its dominance over the alts has gone up to almost 59% on CoinGecko, which is a nearly 3% increase in a day. Altcoins As BTC's rising dominance suggests, the altcoins were battered a lot harder. Ethereum went from over $3,000 to under $2,300 before settling at close to $2,600 as of now. Solana and Tron are among the few altcoins with a single-digit price drop on a 24-hour scale now. At the same time, BNB, XRP, DOGE, ADA, LINK, AVAX, XLM, TON, SUI, HBAR, and SHIB have plummeted by double-digits, with losses of up to 23% in the case of ADA. The total crypto market cap lost over $400 billion from top to bottom at one point and now sits just inches above $3.2 trillion on CG. Best Performers DeXe (DEXE) +6.9% Mantra (OM) +4.6% WhiteBit Coin (WBT) +0.4% Worst Performers Filecoin (FIL) -25.6% GALA (GALA) -24.5% Celestia (TIA) -23.6% The Crypto News You Can't Miss Bitwise's Jeff Park believes tariffs will be a major bullish catalyst for Bitcoin, despite short-term volatility from Trump's trade policies. Read the full story. On-chain data reveals two Ethereum wallets, inactive for six years, suddenly moved millions to Bitfinex—just before prices took a nosedive. Read the full story. A busy week lies ahead on the United States economic calendar and markets are already in freefall as we begin the first week of a new month.  Read the full story. The geopolitical uncertainty started by the new US president over the weekend took its toll on the crypto market, which is always open for trading. Read the full story. Your Daily Crypto Did You Know Did you know that the ERC-721 token standard enables the creation of non-fungible tokens (NFTs) on Ethereum, powering the multi-billion dollar NFT market? CryptoPotato 39 Ludgate Hill, London United Kingdom You received this email because you signed up on our website or made purchase from us. Unsubscribe