Crypto markets are reacting sharply as XRP and Dogecoin (DOGE) saw declines exceeding 10%, chiefly due to the confirmation of new U.S. tariffs on China, impacting traders’ sentiments.
Market Overview:
- Bitcoin (BTC) fell 7% to approximately $79,000, marking its first drop since November and a nearly 30% decline from January’s peak of over $108,000.
- Other cryptocurrencies like Ether (ETH), Cardano’s ADA, and BNB also faced downturns of at least 9%.
Overall market capitalization plummeted by 8% to $2.7 trillion, undoing any gains since Donald Trump’s election as President. Despite strong earnings from Nvidia on Wednesday, the market is clouded by tariff concerns and an impending bear market sentiment.
Quote: “On a YTD basis, ex-BTC tokens and trading sentiment have struggled mightily…,” stated Augustine Fan from SignalPlus, sharing insights on current market trends.
Friday’s bearish trend matched declines in Chinese stocks due to Trump’s announcement of a new 10% tariff on imports from China, prompting worries over escalating trade tensions. This new tariff compounds earlier tax measures on Chinese goods, stirring fears about a potential economic fallout for China.
Overall, the market awaits outcomes from the upcoming National People’s Congress in China, where new economic policies may emerge, potentially influencing cryptocurrency prices.
