Global Crypto Market Suffers $500 Billion Loss Following Trump’s New Tariff Policy
KARACHI:The global cryptocurrency market has experienced significant downturn following US President Donald Trump’s announcement of new tariff policies targeting Mexico, Canada, and China. Reports indicate that the market has incurred a massive loss of $500 billion since Saturday evening, with the global cryptocurrency market cap dropping by 14%, from $3.49 trillion to $3 trillion.
The announcement has sparked concerns of a potential trade war, leading to a drastic decline in the value of Bitcoin, the world’s most popular cryptocurrency. Following the tariff announcement, Bitcoin plunged to a three-week low, and by the end of the weekend, its value recorded a 7% decrease, reaching $93,768. Despite some recovery, Bitcoin is still hovering around the low of $90,000, down from its peak.
For the first time since November, the value of the top 20 cryptocurrencies has dropped by 19%, with Ethereum witnessing a 20% decrease in its price. The new tariff policy, which will take effect tomorrow, imposes a 25% tariff on goods exported from Mexico and Canada to the US, and a 10% tariff on Chinese goods.
These developments highlight the increasing volatility in the global financial markets, as cryptocurrency prices continue to react to geopolitical and economic uncertainties.
