💥The cryptocurrency market is a bloodbath, the drop from the top reached 40%

The relentless customs duty policy pursued by the Donald Trump administration has turned the cryptocurrency market into a bloodbath. The drop from the top reached 40%

Donald Trump, whom the cryptocurrency world had high hopes for and believed would boost the market as soon as he took office, has officially become a nightmare for the markets. The concern that the series of additional customs duties would push the global economy into recession dragged cryptocurrencies down.

Bitcoin plummeted from its peak

With Donald Trump winning the presidential race, Bitcoin, which tested its historic peak of $108,000, is now longing for those days. The declines that began with the first discussion of additional taxes have almost reached 40%

This complex situation had already wiped out trillions of dollars from the US markets. Bitcoin has also started testing the $76,000 threshold in its downward trend that has persisted since the beginning of the year. Ethereum has dropped to levels seen two years ago, struggling around the $1,500 range. The total market value has declined to $2.44 trillion.

The expectation that trade wars will continue in the near future is preventing any rise. Many analysts hope that if a middle ground is found, interest rate cuts will begin, and cryptocurrencies will also rise.