The broader crypto market is currently witnessing a drastic downtrend with Bitcoin dropping 10% and other major altcoins – including Ethereum (ETH), Solana (SOL), XRP – falling over 15% in the past 24 hours.
The downward slide comes after a brief flicker of hope on Monday after Donald Trump’s strategic reserve announcement, which led to crypto market improving from the slump. As of now, the crypto market has dropped over 10% in market cap, with it now sitting at $2.77 trillion.
The drop in crypto market coincides with the U.S. stock market crash as S&P 500 falls 2% right after Trump’s announcement of tariff policies implications. Following that, the Dow Jones also fell 650 points in the last trading hours of Monday’s session.
This sell-off in the stock and crypto market is largely influenced by Trump’s tariff inducement on China, Mexico and Canada that applies from today. This move from the president is likely to start a new economical and global-trade war between the U.S. and other countries. Hence, the increased selling pressure is nothing but investors being precautious against tightened trade policies.
Bitcoin Price Falls 10%
In the past 24 hours, Bitcoin price has dropped nearly 10% while falling from the daily high of $93,600 and currently trading near $83,300 – as per Coinmarketcap data.
Following Bitcoin, Ethereum (ETH) price has also fallen over 11%, Solana (SOL) dropping 15% and XRP is down 12% in the past 24 hours. Cardano (ADA), which was the largest gainer yesterday, has dumped nearly 20% today with it now trading near $0.8 – as per market data.
Is President Trump to Blame?
While Trump seems to be becoming friendlier with the crypto industry, many investors and experts have accused him of manipulating the crypto market with his latest memecoin project and crypto reserve announcements. The price of BTC, ETH, SOL, XRP, and ADA – all included in crypto reserve – have now declined even below their price before announcement.
Peter Schiff, a well known economist, emphasizes that Trump helped in the biggest crypto pump and dump scheme as he announces strategic crypto reserve and some insiders extracting huge profits out of it.
“Donald Trump, the first crypto President, just helped pull off the biggest crypto rug pull of all time.” he said, adding “A Congressional investigation is now warranted to find out the following regarding this pump and dump scheme.”
Also read: Trump has Turned Crypto Into a U.S. Weapon: CryptoQuant CEO
