news 
Crypto Market Loses $500B Following New Trade Tariff Announcements
The cryptocurrency market suffered a drastic downturn following President Trump’s announcement of new trade tariffs on Canada, Mexico, and China. The sudden market correction has resulted in an approximate loss of $500 billion from the overall value of the market.
Bitcoin, once hovering at $94,000, took a significant hit and currently trades at around $83,700. This decline was accompanied by massive liquidations across cryptocurrency exchanges, totaling a staggering $1 billion. Long positions accounted for $867.87 million of these liquidations, with Bitcoin derivatives alone responsible for $310.55 million.
The losses were not limited to Bitcoin; other major cryptocurrencies such as Ethereum, Solana, XRP, and Cardano also experienced significant declines. The Federal Reserve Bank of Atlanta’s GDPNow model now projects a 2.8% decline in gross domestic product for the first quarter of 2025, indicating the severity of the market impact.
The downturn had far-reaching consequences, with trading volume across the crypto market plummeting by 4% to $175.84 billion. Bitcoin accounted for a substantial portion of this activity at $72.86 billion. Ethereum suffered a decline of 16.5%, while BNB fell by 10.2%.
In a surprising turn of events, meme coins were particularly affected by the market downturn. Dogecoin saw a significant drop of 17.5%, with newer tokens like SNEK, MOG, and AI16Z experiencing losses exceeding 27%. POPCAT, TRUMP, and PNUT also recorded losses in excess of 20%.
The cryptocurrency market’s total value now stands at $2.72 trillion, representing a 12% decline against the US dollar.
Source: https://blockonomi.com/crypto-market-loses-500b-following-new-trade-tariff-announcements/
