In just 24 hours the US President Donald Trump’s tariffs war has wiped out $200 billion from the crypto market.
The Crypto Today podcast reported that some coins have seen their largest losses in a sing day as investors are pulling their funds.
Smaller cryptocurrencies are mainly affected which are known as altcoins and many have plummeted by 20%.
Dodgecoin and Shiba Inu known as “memcoins” have taken a battering and President Trump’s official token has seen 75% of its value wiped over the past two weeks.
Dodgecoin is down 20.31%, Cardano is 22.19%, Chainlink is 16.76%, Tron has fallen 6.53% and Avalanche has plummeted by 25.72%, it may get a lot worse before it gets better.
The tech heavy Nasdaq is expected to open lower later on Monday.
Bitcoin fell to a low of $91,500 before rebounding and Etherum hit $2,150 and the economic uncertainty has “dampened investor sentiment, potentially delaying Bitcoin’s recovery and slowing growth in the broader crypto space, George Pavel, general manager as Naga.com Middle East told LondonLovesBusiness.com.
Pavel added, “However, positive momentum continues on the institutional front, with BlackRock’s IBIT and Fidelity’s FBTC driving growth in Bitcoin ETFs.”
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