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Highlights
- Bitcoin Declines Sharply The cryptocurrency fell below a key level amid renewed market uncertainty.
- Ether Faces Steep Drop The second-largest digital asset recorded its biggest single-day percentage loss since 2021.
- Tariffs Trigger Market Reaction New U.S. trade policies impacted sentiment across risk-sensitive assets.
Bitcoin faced significant losses following tariff announcements from U.S. President Donald Trump, with the cryptocurrency slipping below a key threshold during Monday’s trading session. The asset dropped 5% and briefly reached a three-week low, reflecting broader market concerns over economic policies.
Ether experienced an even sharper decline, falling over 26% in intraday trading. This marked its steepest single-day percentage drop since May 2021, signaling heightened volatility across the digital asset market.
The downturn coincided with newly imposed tariffs on imports from China, Mexico, and Canada. Over the weekend, Trump announced a 25% tariff on imports from Mexico and Canada, alongside a 10% tariff on Chinese goods, with the measures set to take effect on Tuesday. The shift in trade policy added pressure to risk-sensitive markets, including cryptocurrencies.
Prior to the latest decline, the crypto market had experienced a sharp rally after Trump took office as the 47th U.S. President. Bitcoin had previously surged past the $100,000 mark, reaching a record high of $107,071.86, amid expectations of regulatory clarity and a more favorable stance toward digital assets.
On January 24, Trump signed an executive order to establish a task force focused on setting clear rules for crypto businesses within six months. The initiative also includes discussions on the potential creation of a crypto reserve, reflecting ongoing efforts to define the regulatory framework for digital assets in the U.S.
Market movements continue to be influenced by macroeconomic developments, with digital assets responding to shifts in policy and regulatory actions. As global economic conditions evolve, volatility remains a defining feature of the cryptocurrency landscape.
