Crypto Market Plunges 11% Amid Trump Tariffs Fears

The crypto market experienced a significant downturn today, with the total market cap plunging by 11.15% to $3 trillion. This steep fall follows fears of rising inflation triggered by President Trump's announcement of new tariffs, which have affected both stock and crypto markets. Trading volume surged by 174.04% to $291.45 billion as traders rushed to reposition their holdings. The Fear & Greed Index slipped to 39, indicating anxiety among investors.

Bitcoin, the largest cryptocurrency by market cap, tumbled by 6.86% in the last 24 hours, currently valued at $92,871.48. Its valuation dropped to $1.84 trillion, while its dominance remained strong at 61.58%. The 24-hour trading volume surged by 178.63% to $93.7 billion, reflecting growing trading activity.

Major altcoins also suffered significant losses. Ethereum, the second-largest cryptocurrency, fell by 20.37% to $2,471.85. Solana and XRP recorded steep declines of 8.19% and 24.21%, respectively. The overall altcoin market remained under pressure as Bitcoin's dip dragged down sentiment.

President Trump's new tariffs have sent shockwaves through global markets, triggering a sell-off in both stocks and crypto. The U.S. president announced hefty tariffs—25% on Mexican and Canadian imports and 10% on Chinese goods—which will take effect on Monday. Investors fear these tariffs will push inflation higher, forcing the Federal Reserve to keep interest rates elevated for longer, leading to a risk-off sentiment across financial markets.

Market futures plunged in response to the news. Dow futures fell by 1.2%, while S&P 500 and Nasdaq futures dropped by nearly 2% and 3%, respectively. Crypto markets, which trade around the clock, reacted even faster. Bitcoin dropped by 5%, Ethereum slumped by 10%, and Dogecoin and XRP both saw steep declines of 19%. In just 24 hours, over $2.1 billion worth of crypto positions were liquidated, with Bitcoin falling to $96,300 and Eth