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Why the Crypto Market is Going Down: Bitcoin, Ethereum, & Altcoins Hit by Trump Tariffs
The cryptocurrency market has been experiencing a severe downturn in recent times, with significant drops in the values of various digital currencies. In the past few days, Bitcoin and Ethereum have taken a particularly hard hit, with their prices plummeting to unprecedented lows.
According to reports, since April 5th, the crypto market has suffered an alarming loss of more than $840 million, with a majority of traders having placed long positions in anticipation of rising prices. However, the sharp decline in asset values has resulted in massive liquidations, with over $322 million in Bitcoin and $290 million in Ethereum lost by traders.
The primary cause of this drastic fall is attributed to global economic instability triggered by the Trump administration’s tariff policy. The sudden imposition of tariffs on various countries, particularly China and other major economies, has led to a widespread panic across international markets.
Reports indicate that the US market has plummeted by over 7.84% in just seven days, with similar losses experienced by Europe (-7.88%), China (-7.10%), Japan (-13.25%), India (-6.67%), South Africa (-8.70%), and Australia (-6.86%). This unprecedented instability has sent shockwaves throughout the financial sector.
In a rare move, prominent investment leaders such as Bill Ackman have publicly warned against the devastating impact of Trump’s tariff policy, urging the President to reconsider his actions. However, it appears that this advice fell on deaf ears, resulting in the current economic chaos.
The ripple effect of these developments has been felt across the entire cryptocurrency space, with many altcoins also experiencing a significant decline. Notable among these are SOL, XRP, and Doge, which have all plummeted by substantial amounts in recent times.
As the world struggles to come to terms with this unprecedented economic crisis, it remains unclear what the future holds for the crypto market.
Source: https://coinpedia.org/news/why-the-crypto-market-is-going-down-bitcoin-ethereum-altcoins-hit-by-trump-tariffs/
