This is called “putting your threats”. Donald Trump had promised to impose substantial customs taxes on the border countries of the United States, it is now done. Faced with this, the cryptocurrency market reacted unfavorably. Back on Red Weekend for the Market.
Altcoins are under the full whip of the implementation of Donald Trump's “Tariffs”
During the electoral campaign, Donald Trump had promised to straighten the American economy, in particular By implementing “Tariffs”namely important customs taxes, bound for Canada and Mexico. This Saturday, the new President of the United States has taken action.
Yet trading partners, the 2 border countries will now have to pay 25 % customs taxes. In parallel, the United States will impose 10 % additional taxes to China. In the process, Canada, China and Mexico announced countermeasures.
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Faced with these trade and geopolitical tensions, The cryptocurrency market reacted negatively. While the capitalization of the cryptocurrency market exceeded $ 3,700 billion on January 31, This fell by more than 10 %passing under the bar of $ 3,250 billion At a time when we write these lines.
Thus, the course of Bitcoin plunged, passing largely Under the $ 100,000 mark However, which he had exceeded during the end of January. Cryptocurrency was negotiated less than $ 93,000 During the night from Sunday to Monday.
More than Bitcoin, whose price certainly drops by almost 8 %, it is Altcoins that have been the main impacted by this overall drop in the market. Thus, in the top 10 of the most capitalized cryptocurrencies, the course of Ether plunged by 15 %. The course of the XRP like that of Solana (soil) also fell by around 15 %. Finally, that of Cardano (ADA) fell by about 20 %.
The same has not been sparedDOGECOIN (DOGE) having dropped by 17 %, just like SHIBA Inu (SHIB), 19 %, or even PEPE, by 22 %. This weekend is thus extending the already complicated period that these cryptocurrencies live in recent times.
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Record liquidations, ether widely in the lead
The fall in the cryptocurrencies also accompanied was accompanied of massive liquidations. Thus of the 24 hours following the announcement of Donald Trump, nearly 450,000 traders liquidated their assets bearing the total liquidations at $ 1.79 billion.
In the past 24 hours, the phenomenon continued, liquidations exceeding the $ 2.3 billion mark. At the top of the mainly liquidated assets, We find Ether with more than $ 4.4 millionfollowed by Bitcoin at 1.65 million dollars. The XRP completes the podium with just under a billion dollars.
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In addition to cryptocurrencies, The stock markets have also experienced a significant fall. In Asia, the Nikkei opened a clear drop by 2 %. In Europe, the CAC 40, the Dax or the FTSE experienced a similar weakening. We are now awaiting the opening of the North American scholarships which are also awaiting a drop.
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Source: Coingecko, quince
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Investments in cryptocurrencies are risky. There is no guaranteed high yield, a product with high performance potential implies a high risk. This risk taking must be in line with your project, your investment horizon and your ability to lose part of this savings. Do not invest if you are not ready to lose all or part of your capital
Surprised by the rise of cryptocurrencies at the end of the 2010s, I started to follow from near this sector which fascinates me at the highest point. When I am not in football, rugby or handball room stadiums, I brought myself to write relevant articles around cryptocurrencies and more broadly, of the web3.
Zacharie Tazrout
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