The global cryptocurrency market has taken a major hit today, with the total market capitalization dropping by 5.46% to $2.63 trillion. This sharp decline was triggered by a widespread sell-off following U.S. President Donald Trump's announcement of new tariffs on global trade partners, raising concerns about global economic stability.
Bitcoin (BTC) led the downturn, falling to $82,274.70—down 5.39% in the past 24 hours and 5.67% over the past week. Ethereum (ETH) also saw a significant drop, down 6.04% to $1,787.79, while XRP fell 7.76% to $2.00. Binance Coin (BNB) didn’t escape the downward trend, dropping 2.94% to $588.96.
The market downturn was fueled by widespread losses across major altcoins. Cardano (ADA) struggled with a 9.25% drop, now sitting at $0.6315. Solana (SOL), Dogecoin (DOGE), Toncoin (TON), Chainlink (LINK), Polkadot (DOT), Avalanche (AVAX), Shiba Inu (SHIB), and Hedera (HBAR) all faced declines, with losses ranging from 4.83% to 11.18%.
Stablecoins like Tether (USDT) and USD Coin (USDC) remained stable, with little price fluctuation as investors sought refuge in these less volatile assets.
The Market Fear & Greed Index is currently at 24, signaling extreme fear among investors as the cryptocurrency sector reacts to the ripple effect of U.S. trade policy. With the global market under pressure, all eyes are now on how digital assets will respond in the coming days.