Trump Strikes Again: The Reason His Trade War Plunges Cryptocurrency into Freefall

Well, folks, it appears that we are here again. Last weekend, the erstwhile president thought it a great idea to spice business by imposing a 25 percent tariff on Canada and Mexican imports, another 10 percent for luck on Chinese commodities. The markets, of course, responded in a cat in a cold bathtub kind of a way.

The Crypto Crash Course
As soon as it broke, risky assets dumped in a flash, faster than it is possible to say "blockchain." Bitcoin lost its footing, falling below the $90,000 barrier to slide off in the vicinity of $87,000—a plunge of a little under 8.5%. This, though, was not a Bitcoin-specific incident, however; other cryptocurrencies, including Ether, XRP, and Solana, all developed a bad case of it, eliminating all of the bullish momentum they'd been seeing.

Bybit's Billion-Dollar Blunder
Adding fuel to an almighty raging fire, a hack on a trading platform of a crypto giant, Bybit, led to a record Ether loss of a humongous $1.5 billion. Talk about kicking a market when it is down. This gargantuan security breach sapped investment sentiment further, resulting in further sell-off and an all-round perception of an ill omen in the crypto market. 

The Domino Theory
The ripple effects didn't stop there. Shares of crypto-related stocks such as Robinhood Markets and Coinbase Global lost over 20% of stocks. The Bitcoin miners themselves didn't escape unscathed, suffering corresponding declines in stocks. Analysts struggle making a stoic face, though, in anticipation this can be a "buying opportunity" due to healthy fundamentals and favorable valuations. Be honest, though, climbing on a downward knife isn't for every cup of tea.

The Bigger Picture
So, what's it all about, anyway? In volatile crypto universe, there can be sudden, big influences on events beyond themselves. If a pro, a new kid, or just a window-gazing observer, it serves notice there is a crypto market, it isn't in a vac. It is shaped by moods of international events—and, now it appears, by periodic tariff-hugging politicians. In the end, it is a crisis for a few, a chance for others. Just remember, in crypto, there is nothing but uncertainty.
 
Disclaimer
This article is for informational and educational purposes only. It does not constitute financial, legal, or professional advice. Please consult with a qualified professional before making any decisions based on the information provided here. I do make use of affiliate links. Purchasing or interacting with any third-party company could result in me receiving a commission. In some instances, utilizing an affiliate link can also result in a bonus or discount.

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