The repercussions of Donald Trump’s tariff wars continued to wreak havoc on global stock and crypto markets even on Monday as major cryptocurrencies Bitcoin, Ethereum, Solana and Cardano suffered extreme price falls, in anticipation of a major market correction.
While Bitcoin dropped below $80k, Eth also took a 12% plunge and dropped below $1600 in the wake of a global financial market crisis owing to Tariff wars.
Stock exchanges in Asian markets took a plunge on Monday morning , as attempts to strike negotiations with U.S. President Donald Trump on tariff rates failed last weekend. According to Reuters, Trump has termed the heightened tariff rates for Asian countries as “medicine”, indicating further rough terrain for global financial markets.
Crypto market also took a hit in the past 12 hours with Bitcoin experiencing 5% plunge, Ethereum 12% and both Solana and Cardano falling 10% in their respective prices.
At the time of publishing of this report, Bitcoin (BTC) was priced at $78,931 experiencing a steep fall of 5.6%, stumbling from a high of $82,669 within last 12 hours. BTC price has been hovering near key price level of $80k for weeks now and a break below this support combined with heavy shorting by traders could have also resulted in steep plunge.
Similarly, Eth price has also taken a plunge in the past 12 hours ahead of market correction as it fell below crucial $1600 support, after one and a half years, according to CoinGecko.
When it comes to memecoins, Dogecoin ($DOGE) also suffered a price fall, correcting itself to $0.14 with a 11.4% plunge.
The overall crypto industry has also taken a hit due to Trump’s tariff war with the market cap falling by 8.1% to $2.51 Trillion.
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