US trade policy caused the crypto market to collapse
07.03.2025
Uncertainty regarding the consequences of U.S. foreign trade policy and declining optimism over the creation of a strategic cryptocurrency reserve have led to a sharp drop in Bitcoin and major cryptocurrencies.
The crypto market reacted negatively to the escalation of the trade war following U.S. President Donald Trump’s announcement of new tariffs on Canada, Mexico, and China, set to take effect soon. Concerns over the economic impact of these restrictions overshadowed crypto investors' optimism, which had been fueled by Trump's previous statement on establishing a U.S. strategic cryptocurrency reserve.
According to CoinGecko, BTC dropped more than 9% to $83,551, while ETH lost 16%, falling to $2,080. Other major altcoins also suffered significant losses: ADA -25%, SOL -19%, DOGE -16%, XRP -18%. The total cryptocurrency market capitalization has decreased by 12.4% in the past 24 hours, reaching $2.8 trillion.
The crypto market reacted negatively to the escalation of the trade war following U.S. President Donald Trump’s announcement of new tariffs on Canada, Mexico, and China, set to take effect soon. Concerns over the economic impact of these restrictions overshadowed crypto investors' optimism, which had been fueled by Trump's previous statement on establishing a U.S. strategic cryptocurrency reserve.
According to CoinGecko, BTC dropped more than 9% to $83,551, while ETH lost 16%, falling to $2,080. Other major altcoins also suffered significant losses: ADA -25%, SOL -19%, DOGE -16%, XRP -18%. The total cryptocurrency market capitalization has decreased by 12.4% in the past 24 hours, reaching $2.8 trillion.
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