US President Donald Trump’s announcement of tariffs on goods from Canada, Mexico, and China sent cryptocurrency prices crashing down, including his own meme coin, which is now trading at about 75% below its all-time high. Bitcoin, the world’s most popular cryptocurrency, initially fell to around $92,000 before rebounding over $100,000 after Trump announced a pause on tariffs against Mexican goods. However, other cryptocurrencies like Ethereum and dogecoin saw significant price drops.
Analysts say that meme coins are more volatile than bitcoin and are exposed to liquidity constraints as they gain respectability in institutional portfolios. Several meme coins have seen large price drops, including President Trump’s own meme coin, which was launched before his second inauguration.
Trump has long been a crypto skeptic but has since become an advocate for digital assets, promising to make the US a global capital of crypto and appointing crypto-friendly officials. The surge in cryptocurrency value since Trump’s election has been notable, with bitcoin still trading near its all-time high.
Source: https://apnews.com/article/bitcoin-trump-tariffs-cryptocurrencies-a14fa06fa5dc4ffb57a411a8d7bddad4