Crypto Crash: Bitcoin Drops Below $96K Amidst Geopolitical Storm

Bitcoin's price has plummeted below $96,000, marking a significant downturn in the cryptocurrency market. This decline comes amidst geopolitical tensions and recent economic announcements, which have driven major coins to experience significant losses.

In the past week, the overall market sentiment has been bearish, with major cryptocurrencies such as XRP, Dogecoin, and Cardano witnessing double-digit percentage declines. The XRP Ledger's technical issues, coupled with wider market fears regarding global trade escalations, have pushed investor confidence down, contributing to the volatility in the crypto market.

Bitcoin, the largest cryptocurrency by market capitalization, has faced renewed pressure, dropping nearly 9% in the past week. This decline reflects broader market turmoil and investor reactions to the implications of President Trump's recent trade policies. Three of the largest cryptocurrencies by market capitalization—XRP, Dogecoin, and Cardano—each dropped approximately 26%, highlighting the sensitive nature of cryptocurrency values in response to external economic factors.

XRP's price fell to $2.33, after previously trading comfortably above $3. This drop marks a significant downturn following a brief surge earlier this month, which saw XRP hitting a seven-year high. Furthermore, the XRP Ledger experienced technical difficulties that compounded the downward pressure on the asset's valuation. As the market reacts to both internal and external challenges, it's critical for investors to monitor developments closely.

Dogecoin has mirrored XRP's rough week, with its price decreasing to $0.248 from the mid-range of $0.34. This volatility reflects Dogecoin's inherent nature as a speculative asset, driven largely by social media influence and market sentiment. On the other hand, Cardano has experienced a steep decline, plummeting to $0.71—a stark contrast to its recent high of nearly $0.98. Such market swings are indicative of a precarious stage for many cryptocurrencies.

The cryptocurrency market's recent swings are largely attributed to geopolitical tensions, particularly related to trade tariffs announced by President Trump. Despite pausing tariffs on Canada and Mexico, the implementation of a 10% tariff on China has incited strong reactions. As China retaliates with its own tariffs and investigations, the crypto