Bitcoin and most altcoins recently saw a drop in prices following US sanctions against China, Canada, and Mexico imposed by Donald Trump.
BTC Below $100K
Bitcoin started the week with a sharp fall, plummeting from $105,000 to under $98,000 within hours. However, the asset regained all losses over the next few days, peaking on Thursday after the US Fed left interest rates unchanged. Despite this, it dipped again to $101,500 on Friday and further declined below $100,000 in the last 12 hours.
Alts Bleed
As is usually the case in such scenarios, altcoins suffered the most. Ethereum fell to $3,100 following a 4.5% daily drop, while XRP dropped below $2.9. Other cryptocurrencies such as SOL, DOGE, LINK, AVAX, TON, and XLM plunged by up to 9%. More severe double-digit declines hit VIRTUAL, HYPE, JASMY, RAY, TAO, LDO, THETA, FET, and GALA.
Trade War Consequences
The cumulative market cap of all cryptocurrencies shed about $150 billion in a day due to halted trade with the US, China, Canada, and Mexico. The market downtrend is connected to new import tariffs imposed by Trump: 10% on imports from China and 25% on imports from Mexico and Canada. Retaliatory measures came from Mexico and Canada, and China indicated plans to file a case against the US at the World Trade Organization.
These events highlight the volatility of the crypto market amid political tensions, demonstrating how international trade conflicts can significantly impact digital assets.
