Cryptocurrency Market Reacts to Tariffs
Over the weekend, President Trump announced new tariffs on imports from the U.S.’s top trading partners—Canada, Mexico, and potentially China—which has triggered a significant decline in the cryptocurrency market. The market has grown highly reactive to Trump's actions, with many cryptocurrencies experiencing double-digit percentage drops in just 24 hours.
Illustration: Alvaro Fernandez Echeverria (Getty Images)
Bitcoin's Downward Trend
Following the tariff announcement, Bitcoin has fallen below $95,000, continuing its downward trend. Currently, it is trading at $94,869, marking a weekly decline of over 5%. This volatility has unsettled the broader crypto market, leading to significant declines across major cryptocurrencies.
Illustration: Alvaro Fernandez Echeverria (Getty Images)
Ether's Struggles
Ether, the second-largest cryptocurrency by market cap, is faring even worse, currently trading at $2,568, representing a 17% decline over the week.
Illustration: Alvaro Fernandez Echeverria (Getty Images)
Solana and Dogecoin Under Pressure
Solana, a key competitor to Ethereum, is also on a downward trajectory, trading at $194, down 16% since last week.
Dogecoin, the popular memecoin, is sliding in response to Trump's latest remarks, currently trading at $0.25, down more than 21% over the past week.
Illustration: Flavio Coelho (Getty Images)
Mantra's Positive Momentum
In contrast, Mantra, a blockchain network for tokenizing real-world assets, is seeing growth. Its native token OM is trading at $5.24, reflecting a 13% increase in just one week. Recently, Mantra entered a significant $1 billion agreement with DAMAC Group to tokenize assets in the UAE.
Illustration: Dennis Diatel Photography (Getty Images)
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