Trump's Tariffs Trigger Crypto Market Shakeup

Cryptocurrency markets experienced a shakeup following President Trump's latest move on steel and aluminum tariffs. Bitcoin, Ether, SOL, Cardano, and XRP prices all dropped in response to the news. The market witnessed a wave of fear and uncertainty, with traders hoping to regain lost ground.

President Trump announced a 25% tariff on all steel imports to the United States, including those from Mexico and Canada. This move adds to the ongoing trade tensions and highlights the evolving policy stances of the Trump administration. The tariffs were implemented much earlier in this administration than in his previous term.

The news of the tariffs sent shockwaves through the crypto market, with Bitcoin prices plunging below $98K before picking up. Altcoins also posted significant exits as fear and uncertainty gripped most traders. The total crypto market cap plummeted 2% to $3.16 trillion, with slow positive activity.

Ethereum (ETH), Cardano (ADA), and meme coins all fell in price alongside Bitcoin. ETH price nosedived 3% below $2,700, while Cardano fell 0.2% after the announcement. The largest exits came in meme coins, as expected, with several assets seeing double-digit outflows.

The market conditions have taken away gains recorded by the Trump effects. While initial effects spiked the asset's price above $107k, recent policies remain bearish. The United States' trade wars with Canada, Mexico, and other countries, as well as the launch of Chinese AI startup DeepSeek, have sparked sharp exits in U.S. tech stocks and Bitcoin prices.