Global financial markets, including the cryptocurrency sector, faced significant downturns on Monday, continuing the ripple effects of Donald Trump’s ongoing tariff wars. Key digital currencies, such as Bitcoin, Ethereum, Solana, and Cardano, experienced dramatic price drops, signaling a potential market correction.
Bitcoin, which had been hovering near $80,000 for weeks, fell below the $80k mark. Ethereum also saw a notable 12% decrease, dropping below $1,600. These declines are tied to the broader financial instability, partly triggered by the U.S. administration’s escalating tariff rates.
Asian stock markets saw a sharp decline earlier on Monday, following failed negotiations with President Trump over tariff adjustments. In a recent statement, Trump referred to the increased tariff rates on Asian countries as “medicine,” which indicates the potential for prolonged instability in the global market.
The cryptocurrency market, closely linked to broader financial trends, was not spared. Within the last 12 hours, Bitcoin experienced a 5.6% drop, settling at $78,931, down from a high of $82,669. Ethereum mirrored this downturn, falling below the crucial $1,600 support level for the first time in over a year, according to CoinGecko data.
Solana and Cardano also faced declines of around 10%, while memecoin Dogecoin dropped by 11.4%, correcting to $0.14.
The overall cryptocurrency market saw a significant contraction, with the total market cap shrinking by 8.1%, dropping to $2.51 trillion. The continued fallout from Trump’s tariff policies appears to be exacerbating volatility across both traditional and digital markets.
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