Trump's Tariff Policy Crashes Cryptocurrency Market by 1 Trillion Dollars
The cryptocurrency market experienced a dramatic decline at the end of the week, with Bitcoin dropping below the $80,000 mark, reaching a low of $78,651. This drop of 28% from the historical high of $109,410 set on January 19 was part of a larger crash, resulting in a total market capitalization of the cryptocurrency market shrinking by more than $1 trillion from the December peak of $3.72 trillion.
A key catalyst for this decline was investor concerns regarding President Trump's trade policy, particularly his decision to impose 25% tariffs on imports from Mexico and Canada, which will take effect on Tuesday. The situation seems ironic, considering that during his election campaign, Trump positioned himself as the "crypto-president" and promised to create a favorable environment for digital assets.