Cryptocurrencies continue to fall as the U.S. government maintains a tough stance on tariffs.
According to CoinMarketCapon Monday, Bitcoin has plunged 6.29% in the past 24 hours, trading at $77,916.
Ethereum, the second-largest cryptocurrency by market capitalization, has plunged 12.30% to $1,575.
Ripple, ranked fourth by market capitalization, has tumbled 10.8% to $1.91.
Just an hour earlier, the losses were less severe, with Bitcoin down 4.88%, Ethereum 11.07%, and Ripple 8.51%.
Market analysts attribute these steeper declines to the U.S. government’s unwavering position on tariffs, despite the sharp downturn in the stock market.
Secretary of Commerce Howard William Lutnick reaffirmed today that tariffs will be implemented as scheduled from this Wednesday. While some market participants had hoped for a postponement, Lutnick confirmed the tariffs would proceed as planned.
Peter Navarro, the counselor of the current trade policy, downplayed the stock market’s plunge, boldly predicting that the Dow will eventually break through 50,000 points.
In response to these developments, both cryptocurrencies and index futures are plummeting by around 5%.