Since Friday, the crypto market has been under pressure after President Donald Trump announced plans to impose tariffs on Canada, Mexico, and China.
Now that Canada and Mexico have revealed retaliatory plans, prices are falling dramatically amid expectations that the tariffs will impact consumers across the board and potentially diminish interest in investing in risk assets like cryptocurrencies.
Concerns over Trump’s tariff-driven trade war have shaken the entire market. After hitting a low of $91,466 this morning, Bitcoin has rebounded to $94,248.
The crypto market is seeing a widespread sell-off, with top altcoins plunging between 10% and 28% over the past 24 hours. ETH dropped 19.6%, SOL dropped 17.28%, XRP dropped 25.97%, and DOGE dropped 27.96%.