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The cryptocurrency market has witnessed notable fluctuations today, influenced by the recent economic policies of U.S. President Donald Trump. Trump's announcement of new tariffs on key trading partners of the United States has raised fears of a global trade war, leading to a sharp decline in the value of cryptocurrencies. For example, the price of $BTC Bitcoin dropped to its lowest level in three weeks, reaching $91,441, while Ethereum also fell to its lowest level since September.
Additionally, Fidelity Investments announced plans to launch its own stablecoin as part of its shift towards digital assets, coinciding with the Trump administration's support for the growth of dollar-backed stablecoins. This shift reflects a change in the current administration's stance towards supporting regulated digital currencies, in contrast to previous reservations.
In a related context, World Liberty Financial, backed by the Trump family, announced plans to issue a new stablecoin called USD1, backed by U.S. Treasury bonds and dollar deposits. This project aims to enhance the United States' position as a leader in the cryptocurrency industry.
On the other hand, Ripple Labs $XRP reached a settlement with the U.S. Securities and Exchange Commission, where it will pay a reduced fine of $TRUMP $BNB $USDC