So much for the Trump pump.
After the prices of Bitcoin, Ethereum, and other top assets spiked Sunday after President Donald Trump said they’d be included in a planned United States crypto reserve, the broader crypto market is down by 8% over the past 24 hours.
Bitcoin has fallen from a mark of around $94,000 earlier Monday to a current price of $87,300, as the reality of Trump’s trade tariffs and inflation fears have cooled the short-lived hype around the U.S. amassing coins. The top cryptocurrency is now down 6% over the last 24 hours.
Ethereum, Solana, XRP, and Cardano—the other four assets that Trump named for the planned reserve—have each fallen by 11% or more over the past day. ETH is trading for $2,192 as of this writing, while XRP is priced at $2.47 and Solana is down to $148.
Cardano is down to $0.90, and is one of only two coins in the top 10 cryptocurrencies by market cap that remains in the green over the past 7 days with a 24% climb during that span. XRP is the only other coin in the green during that window, but is only up by less than 1%.
Dogecoin wasn’t named for Trump’s reserve, but it rose yesterday and is likewise falling today, dropping 9% over the last day to a current price of $0.206.
The volatile market action has led to $661 million worth of liquidations of futures positions over the last day, per data from CoinGlass, with $517 million of those being longs, or bets that the price of a selected asset would rise.
Bitcoin is leading the pack with $220 million worth of liquidations in 24 hours, with Ethereum next at $131 million. Solana, XRP, and Cardano make up the rest of the top five.
On top of coming down from Sunday’s reserve pump, crypto prices may also be falling in line with stocks Monday, with the Dow, S&P 500, and Nasdaq down amid concerns over the impact of Trump’s trade tariffs and inflation fears. Top AI stock Nvidia is down by more than 6% on the day.
Planned tariffs against Canada and Mexico are expected to begin Tuesday, with no sense that another delay is coming, with additional tariffs set to begin on China.
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Source: https://decrypt.co/308480/bitcoin-xrp-dogecoin-dive-trump-tariff-fears
