"Bitcoin, Ethereum Plummet Amid Trump's Tariff Storm"

Bitcoin and Ethereum Prices Tumble Amidst Global Market Volatility

Bitcoin and Ethereum, the two largest cryptocurrencies by market capitalization, have experienced a significant decline in recent days, reflecting broader market volatility and risk aversion. The sell-off comes amidst escalating trade tensions, with U.S. President Donald Trump imposing tariffs on China, Canada, and Mexico, sparking a broad risk-off move across global financial markets.

Bitcoin, the world's most popular cryptocurrency, fell as much as 10% to $91,695.8, while Ethereum, the second-largest cryptocurrency, slumped 22.7% to $2,434.84. The decline in cryptocurrency prices follows a 1.5% slump in Wall Street futures, as traders positioned for a renewed trade war.

The recent tariff announcements by President Trump have largely offset the prospect of friendlier crypto regulations under the 47th President. His recent executive order calling for a crypto regulatory framework also sparked little enthusiasm within markets.

The sell-off in cryptocurrencies has been accompanied by a broad risk-off move across global financial markets, with the dollar reaching a near one-month peak. Safe havens such as gold have also seen some bids, although the dollar remains the main target of most buying.

Analysts warn that Trump's tariffs could drive up inflation and dent U.S. economic growth, while also lessening the prospect of interest rate cuts by the Federal Reserve. The combination of these factors has contributed to a decline in market sentiment and asset values, with cryptocurrencies being no exception.

Bitcoin and altcoins crash after Trump’s tariff announcements spook investors

Following President Donald Trump's tariff announcements on China, Mexico, and Canada, the crypto market experienced a risk-off action on Feb. 1. Bitcoin's price fell by 5%, which has rippled its way into altcoins. Effective Feb. 1, the U.S. will impose tariffs of 25% on imports from Canada and Mexico and 10% on Chinese goods, adding further complexity to the current trade wars.

Over the past 24 hours ending on Feb. 3, Bitcoin (BTC) has experienced a notable decline amid