Crypto markets plummeted after U.S. President Donald Trump's announcement of new trade tariffs.
Impact on the Crypto Market
Crypto markets have tanked around 4% with total capitalization at a three-week low of $2.74 trillion. Around $150 billion left spot markets, with total liquidations exceeding $500 million.
This is a game changer, not only for the US economy but for the global economy. Many countries will likely end up in a recession.Olu Sonola, head of US economic research at Fitch Ratings
Tariffs and Global Consequences
Trump announced a 10% tariff on all countries starting April 5, with higher rates for some nations. Economists described this move as a tsunami that will hit the global economy.
Altcoin Market Situation
Altcoins suffered more than Bitcoin. Ethereum dipped below $1,800, XRP fell to $2, Binance Coin was under $600, and Solana slid to $120.
The crypto market's decline was triggered by the US tariff announcement, leading to substantial volatility and trader losses.
