- Bitcoin and Ether drop amid U.S. trade tariff announcement, triggering significant market volatility.
- Despite the downturn, Bitcoin held above $90K, with many investors urging to “buy the dip.”
Amid escalating concerns over a potential global trade war, Asian stock markets experienced significant declines.
This followed U.S. President Donald Trump’s announcement of sweeping tariffs on Canada, China, and Mexico. The economic uncertainty sent shockwaves through the markets, affecting cryptocurrencies as well.
Major digital assets, including Bitcoin [BTC] and Ethereum [ETH], witnessed steep drops. BTC briefly fell to a three-week low of $91,441.89, while ETH plummeted by 24%, reaching its lowest value since September.
The downturn continued into the weekend, with Bitcoin slipping further by 7%. The CoinDesk 20 Index, which tracks the top 20 cryptocurrencies, saw a sharp 19% drop.
As investor sentiment weakened, concerns about future stability have risen.
Tariff war sends shockwaves in crypto
In fact, the crypto market has experienced its largest liquidation to date.
Commenting on this, a crypto investor known as ‘The Wolf of All Streets’ pointed out,
“$2B liquidated in 24 hours. That’s a record. More than the Covid dump. More than the FTX collapse. Epic.”
Adding to the fray was another X (formerly Twitter) user who said,
“Be fearful when others are greedy, be greedy when others are fearful.”
However, despite the recent downturn, Bitcoin has managed to hold above the $90K mark. As per
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Author: Ishika Kumari
