As President Donald Trump pushed ahead with imposing tariffs as scheduled, cryptocurrencies, including Bitcoin, are experiencing a sharp decline.
According to CoinMarketCap, a leading global cryptocurrency tracking website, Bitcoin had plunged 4.03% over the past 24 hours and was trading at $97,678 as of 4:30 AM on Monday.
This is the first time Bitcoin has dipped below the $100,000 threshold since the end of last month. About an hour ago, it plunged more than 5% to $96,792.
Ethereum, the second-largest cryptocurrency by market capitalization, also plunged 8.21% to $2,943, breaking below the $3,000 level.
Notably, Ripple, the third-largest cryptocurrency, is trading at $2.62, down 10.97%. Approximately an hour ago, it plummeted more than 15%, reaching a low of $2.51. This marks the first time Ripple has fallen to the $2.50 range since the 14th of last month.
Solana, the fifth-largest cryptocurrency, has plunged 8.48%, while the eighth-largest Dogecoin has plummeted 12.78%.
This widespread crypto plummet follows President Trump’s signing of an executive order imposing a 25% tariff on Mexico and Canada and an additional 10% tariff on Chinese imports.
The executive order is set to take effect this Tuesday.
The imposition of these tariffs will inevitably drive up import prices, intensifying inflationary pressures in the U.S. As inflationary pressure rises, the likelihood of interest rate cuts diminishes, contributing to the current cryptocurrency market downturn.