America First, Crypto Later: Ether, XRP, DOGE Plunge 20% amid Trump’s Tariffs – Finance Magnates

Subscribe to our News & Services
Subscribe to our News & Services
FM ALL News
FM Crypto
Follow us on Twitter
Follow us on Linkedin
The cryptocurrency market is witnessing a bloodbath. Most coins have lost their value by double digits in the last 24 hours due to US President Donald Trump’s tariffs on Canada and Mexico.
Although Bitcoin only lost about 6.5 per cent of its value, dropping to $93,600, the situation is grave for altcoins. Ethereum lost over 20 per cent and is now trading below $2,500. XRP, which has seen tremendous gains recently, is now down by over 22.1 per cent.
Crypto market now pic.twitter.com/8U8VF3VdCF
The rising popularity of memecoins could not save them. Dogecoin, boosted by President Trump’s aide and billionaire Elon Musk, is also down by about 23 per cent. Pepe, another meme coin, dropped by almost 26 per cent.
It is one of the steepest dives in the cryptocurrency market in recent years. The total liquidations in the crypto market crossed $2.2 billion in the last 24 hours.
The futures market wiped out over $600 million in the past 24 hours, specifically in the early Asian hours. CoinDesk pointed out that positions in XRP and DOGE cumulatively lost $150 million, while other derivatives tracking the price of altcoins lost $138 million. Further, Ether-based futures lost $84 million.
JUST IN: Over $188 billion was wiped out from the crypto market in the past 24 hours. pic.twitter.com/Vzhp1w8cg2
The bloodbath was triggered by Donald Trump’s executive order imposing steep tariffs on imports from Canada and Mexico, two neighbouring countries, last Saturday. He also imposed tariffs on imports from China.
Although Trump argues that the tariffs will protect American interests, his actions will likely trigger a global trade war. Mexico has already imposed retaliatory tariffs targeting American-made steel, bourbon, and dairy products. Starting Tuesday, Canada will also impose a 25 per cent tariff on $30 billion worth of American imports.
Interestingly, Trump’s victory as the 47th US President significantly pushed cryptocurrency prices higher. He also promised to bring in pro-crypto regulations and has even created a working group to explore American crypto policies.
The cryptocurrency market is witnessing a bloodbath. Most coins have lost their value by double digits in the last 24 hours due to US President Donald Trump’s tariffs on Canada and Mexico.
Although Bitcoin only lost about 6.5 per cent of its value, dropping to $93,600, the situation is grave for altcoins. Ethereum lost over 20 per cent and is now trading below $2,500. XRP, which has seen tremendous gains recently, is now down by over 22.1 per cent.
Crypto market now pic.twitter.com/8U8VF3VdCF
The rising popularity of memecoins could not save them. Dogecoin, boosted by President Trump’s aide and billionaire Elon Musk, is also down by about 23 per cent. Pepe, another meme coin, dropped by almost 26 per cent.
It is one of the steepest dives in the cryptocurrency market in recent years. The total liquidations in the crypto market crossed $2.2 billion in the last 24 hours.
The futures market wiped out over $600 million in the past 24 hours, specifically in the early Asian hours. CoinDesk pointed out that positions in XRP and DOGE cumulatively lost $150 million, while other derivatives tracking the price of altcoins lost $138 million. Further, Ether-based futures lost $84 million.
JUST IN: Over $188 billion was wiped out from the crypto market in the past 24 hours. pic.twitter.com/Vzhp1w8cg2
The bloodbath was triggered by Donald Trump’s executive order imposing steep tariffs on imports from Canada and Mexico, two neighbouring countries, last Saturday. He also imposed tariffs on imports from China.
Although Trump argues that the tariffs will protect American interests, his actions will likely trigger a global trade war. Mexico has already imposed retaliatory tariffs targeting American-made steel, bourbon, and dairy products. Starting Tuesday, Canada will also impose a 25 per cent tariff on $30 billion worth of American imports.
Interestingly, Trump’s victory as the 47th US President significantly pushed cryptocurrency prices higher. He also promised to bring in pro-crypto regulations and has even created a working group to explore American crypto policies.
Share this article
Get all the top financial news delivered straight to your inbox. Stay informed, stay ahead.
By subscribing, you agree to our Terms of Use and Privacy Policy. You may unsubscribe at any time.
Follow Us
Looking for a Service?
Looking for a Service?
Finance Magnates is a global B2B provider of multi-asset trading news, research and events with special focus on electronic trading, banking, and investing. Copyright © 2025 "Finance Magnates CY Ltd." All rights reserved.
For more information, read our Terms, Cookies and Privacy Notice Manage Cookies

source