After Trump announced new tariff policies, the crypto market suffered a significant sell-off, with most altcoins dropping over 10%
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After Trump announced new tariff policies, the crypto market suffered a significant sell-off, with most altcoins dropping over 10%
According to Bloomberg, the cryptocurrency market saw a significant sell-off after Trump announced new tariffs on Canada and Mexico. Caroline Bowler, CEO of BTC Markets, said recession concerns triggered by trade wars and stagflation have spread to the crypto market. BTC dropped to $97,000, hitting a two-week low with a single-day decline of 4.3%; ETH fell by as much as 8%; DOGE plunged 14%, accumulating a 45% drop from its peak following Trump's election victory; most altcoins including XRP, ADA, AVAX, and LINK also declined sharply
Navigating Web3 tides with focused insightsTechFlow news, February 3 — According to Bloomberg, the cryptocurrency market saw a sharp sell-off after Trump announced new tariffs on Canada and Mexico. Caroline Bowler, CEO of BTC Markets, said recession concerns triggered by trade wars and stagflation have spread to the crypto market.
BTC dropped to $97,000, its lowest level in two weeks, down 4.3% on the day; ETH fell by 8%; DOGE plunged as much as 14%, with cumulative declines reaching 45% from highs following Trump's election victory; most altcoins including XRP, ADA, AVAX, and LINK dropped over 10%.
According to a White House announcement, the new tariff policy will take effect on February 4, imposing 25% tariffs on imports from Canada and Mexico and 10% tariffs on Canadian energy resources. The White House warned that it would increase tariffs further if retaliatory measures are imposed.
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