Crypto Market Loses Billions as Altcoins Drop amid U.S. Trade Tariffs

The cryptocurrency market experienced a significant downturn amid renewed uncertainty triggered by the reinstatement of President Donald Trump's trade tariffs, which sparked sharp declines in major altcoins such as Dogecoin, Cardano, Solana, and XRP. Bitcoin remained comparatively resilient but still faced pressure, falling below $106,000 as overall market sentiment turned cautious due to ongoing trade tensions and weak economic data, including a contraction in U.S. GDP. The U.S. Court of Appeals temporarily reinstated the tariffs while the government appeals, prolonging uncertainty that analysts say could continue to impact market dynamics. Despite the sell-off, some analysts and traders remain optimistic about Bitcoin's longer-term prospects, noting strong support levels and potential buying opportunities ahead of possible market rebounds. Trading data revealed increased activity and significant liquidations, reflecting heightened volatility, while institutional interest in cryptocurrencies like Ethereum is reported to be growing. The overall crypto market capitalization remained near $3.42 trillion, with Bitcoin's dominance rising as investors shift away from underperforming altcoins amid the turbulent environment.