#TrumpTariffs
The cryptocurrency market witnessed a sharp decline exceeding $100 billion following the announcement by U.S. President Donald Trump of his intention to impose a 50% tariff on the European Union starting June 1.
The price of Bitcoin fell below $107,000 after reaching a historical peak of $112,000 coinciding with the arrival of ''Pizza Day'', after breaking the $110,000 barrier for the first time.
Despite a partial recovery near $108,000, the digital currency Bitcoin is still down 2% for the day, with a market value of $2.15 trillion and a market dominance of 61%.
Sharp decline in the price of alternative cryptocurrencies:
Alternative cryptocurrencies followed the downward trend, with the price of Ethereum (ETH) dropping more than 5% to $2,550, while DOGE, ADA, SUI, SHIB, LINK, and AVAX recorded daily losses of up to 10%.
The price of Ripple (XRP) also fell by 4.4% to about $2.3, while currencies like ENA, WIF, TIA, and PEPE experienced double-digit losses.
The total market capitalization of cryptocurrencies has decreased to $3.53 trillion, clearly influenced by fears of global trade tensions that could impact capital flows in high-risk markets like the crypto market.