Trump's trade tariffs cause a significant drop in digital currency market value. Bitcoin, Ethereum, and memecoins experience substantial declines.
Donald Trump’s announcement of new trade tariffs severely impacted the digital currency market, causing a 9.5% drop in the total market value to $3.04 trillion. This decline followed the introduction of 25% tariffs on imports from Canada and Mexico and 10% tariffs on Chinese goods. In this widespread fall, Bitcoin dropped by 5% to around $93,000 and recorded its lowest daily price at $91,242. Ethereum plummeted by 18% to $2,551 and experienced price fluctuations between $2,159 and $3,137. Memecoins were also not immune to this decline; Dogecoin fell by 22% to $0.232 and Shiba Inu dropped by 21% to $0.00001355. Trading volume surged by a remarkable 182% to $286.91 billion, indicating intense selling pressure in the market.
