US President Donald Trump has announced plans to levy 25% tariffs on steel and aluminum imports, which is likely contributing to the recent decline in cryptocurrency prices. The price of Bitcoin fell by 1.66% to around $95,000, while Ethereum slid 3.6% to around $2,550.
The market as a whole is down 2.15% in the past day, with Solana memecoins taking the biggest hit, dropping 10% according to The Block’s GMCI index. This decline follows Trump’s previous announcement of tariffs on Canada and Mexico, which caused crypto prices to slide before recovering after one-month delays were announced.
The Super Bowl LIX, featuring a match between Kansas City Chiefs and Philadelphia Eagles, will take place in New Orleans on Sunday. However, many US crypto companies may not advertise during the event due to concerns about regulations. The Block is an independent media outlet providing news, research, and data on the crypto industry.
Source: https://www.theblock.co/post/339667/crypto-prices-slide-as-trump-announces-new-25-tariffs-on-steel-aluminum