The world’s first cryptocurrency Bitcoin (BTC) is trading at $87,000 after losing about 8.15% over the last 24 hours.
Market data shows that Bitcoin also lost about 9.15% over the last seven days. Other cryptocurrencies saw similar performance lately, with Ethereum — the network that unleashed smart contracts on the world — seeing its native asset fall by 11.2% over the last 24 hours to $2,370.
All of the top ten cryptocurrencies are now trading lower than they were 24 hours ago. Ethereum, XRP and Chainlink all lost over 10% over that timespan.
CoinMarketCap’s global charts show that the overall crypto market saw a major capital exodus. The crypto total market cap went from $3 trillion yesterday to its current value of $2.86 trillion — translating to a loss of $140 billion in a single day.
Trump’s tariffs wreck the market
United States President Donald Trump announced during a recent press conference that he expects tariffs for Mexico and Canada to be resumed next month. According to a recent Reuters report, Trump said during the joint conference with French President Emmanuel Macron:
“The tariffs are going forward on time, on schedule.”
The news follows Trump recently announcing plans to impose even more tariffs, this time targeting the automotive, semiconductor, and pharmaceutical industries. He said that he’d raise the rates even further in the future but that would be gradual to give the companies “a little bit of a chance.”
This follows a crypto crash after Trump announced new 25% tariffs on steel and aluminum imports beginning next week, leading to a crypto market crash earlier this month. He also promised to reciprocate any retaliatory tariffs imposed on the United States as well:
“And very simply, it’s, if they charge us, we charge them.”
Many market observers expect those measures to hit the United States and global markets hard, not just the targeted markets. Canadian Innovation Minister Francois-Philippe Champagne at the time highlighted that United States industry would see the consequences of this decision:
“Let’s all be clear. Canadian steel and aluminum support key industries in the U.S. from defense, shipbuilding, and auto. This is making North America more competitive and secure. We will continue to stand up for Canada, our workers, and our industries.”
