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Some of the most valuable cryptocurrencies have plunged by 10% or more over the past day amid fears that a trade war fueled by President Donald Trump’s tariffs on major trading partners will negatively impact risk assets.
Bitcoin is now trading for $96,879, down over 5% on the day and 8% over the last week—but every other coin in the top 10, excluding dollar-pegged stablecoins, has fallen much harder.
Ethereum, for example, is down 10% to $2,940, while XRP has plummeted 15% in the last day to $2.54. The native token of Solana, the chain that hosts Trump’s own meme coin, has fallen below $200 with a nearly 12% dive, while original meme coin Dogecoin is feeling the pain with a 16% daily crash to under $0.27.
Crypto prices were already depressed after Trump’s team revealed tariffs against Canada, Mexico, and China on Friday, and fell further on Saturday when those orders were signed.
Now that Canada and Mexico have revealed retaliatory plans, prices are falling dramatically amid expectations that the tariffs will impact consumers across the board and potentially diminish interest in investing in risk assets like cryptocurrencies.
On Saturday, Trump wrote on his social media platform Truth Social that “pain” could be coming for Americans.
“This will be the golden age of America!” Trump wrote in all-caps. “Will there be some pain? Yes, maybe (and maybe not!). But we will make America great again, and it will all be worth the price that must be paid.”
Liquidations of crypto futures positions have topped $900 million across the market over the last 24 hours, per data from CoinGlass, led by Bitcoin with $180 million worth of liquidations.
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January was a highly volatile month, with many top meme coins facing heavy selling pressure amid broader market bearishness. However, a select few defied the trend and saw significant gains. As February begins, investors are eager to understand what’s next for these tokens. BeInCrypto has identified five meme coins for investors to watch and analyzed…
The cryptocurrency market has displayed a strong bullish recovery over the last seven days after recording a strong bearish action during the first half of January. With this, the memecoin market has recorded the highest gains during the month.Considering the present market sentiments, investors are curious with questions like “Is this a good time to…
A crypto trader has managed to make quite a nice living by creating hundreds of tokens every day on Solana meme coin launchpad Pump.fun.The trader, identified only by their Solana wallet “MNhB,” has profited more than $840,000 by launching 17,794 tokens over the last three months, according to available data on Dune. They’ve been profitable…
3M’s MMM short percent of float has risen 8.11% since its last report. The company recently reported that it has 6.50 million shares sold short, which is 1.2% of all regular shares that are available for trading. Based on its trading volume, it would take traders 2.27 days to cover their short positions on average….
Dogecoin price continued to decline on Monday after correcting more than 6% the previous week. Shiba Inu price trades in the red on Monday after declining almost 7% last week. DOGE and SHIB long-to-short ratio trades are below one, indicating more traders are betting for dog-based meme coins to fall. Dogecoin (DOGE) and Shiba Inu…
Ripple (XRP), Ethereum (ETH), and Cardano (ADA) all posted double-digit gains in the last 24 hours. The global crypto market’s aggregate valuation increased by 2.1% to $2.3 trillion as US President Trump postponed tariffs imposed on Mexico and Canada. Technical indicators highlight key levels to watch as investors begin to reallocate capital following the…