"Crypto Crash: Bitcoin, Ethereum Plummet Amidst Trade Tariff Turmoil"
1min read Bitcoin and Ethereum Prices Tumble Amidst Global Market Volatility
Bitcoin and Ethereum, the two largest cryptocurrencies by market capitalization, have experienced significant price declines in recent days, reflecting broader market sentiment and geopolitical tensions. The sell-off, which began on February 1, has seen Bitcoin drop by over 10% to around $91,000, while Ethereum has plummeted by nearly 22% to approximately $2,400.
The decline in crypto prices follows a broader risk-off move across global financial markets, triggered by U.S. President Donald Trump's imposition of trade tariffs on China, Canada, and Mexico. The tariffs, which took effect on February 1, have sparked concerns about a potential escalation in trade tensions and have led to a sell-off in riskier assets, including cryptocurrencies.
The impact of Trump's tariffs on the crypto market has been significant, with the price of Bitcoin, the world's largest cryptocurrency, falling by over 10% to around $91,000. Ethereum, the second-largest cryptocurrency, has also been affected, with its price dropping by nearly 22% to approximately $2,400.
The sell-off in the crypto market has been accompanied by a decline in risk appetite, as investors have sought refuge in safe-haven assets such as gold and the U.S. dollar. The dollar has strengthened against a basket of currencies, reaching a near one-month peak, as investors have sought to reduce their exposure to riskier assets.
The decline in crypto prices has also been accompanied by a rise in trading volume, which suggests that there is considerable selling pressure in the market. This increase in trading volume has been particularly pronounced in the case of Bitcoin, which has seen a surge in trading activity of over 200%.
The sell-off in the crypto market has also had a cascading effect on other cryptocurrencies, with altcoins such as Ripple (XRP), Solana (SOL), and Binance Coin (BNB) also experiencing significant price declines. The overall global crypto market cap has dropped nearly 12% during the same period, settling at about $3.15 trillion.
Analysts have warned that Trump's tariffs could drive 
