President Donald Trump’s new tariffs on Chinese goods went into effect just after midnight Tuesday, causing Ethereum to drop 8.3% to its lowest level since March 2023 and Bitcoin to drop 4.1% to $76,550.
The broader crypto market mirrored the global selloff, with Ethereum leading losses among top tokens.
Dogecoin fell 16.3%, while Solana and Cardano dropped 18% and 23.7%, respectively, over the past week.
Bitcoin briefly dipped below $75,000 late Tuesday and is now down about 30% from its January high of over $109,000.
Liquidations in the crypto market topped $411 million in the past 24 hours, according to CoinGlass.
“It’s been a miserable run since February,” said Pav Hundal of Swyftx, pointing to a $1.2 trillion wipeout from crypto markets. “Investors are operating at emotional extremes.”
U.S. stock futures also plunged as Trump’s sweeping tariffs on 185 countries spurred a global risk-off move.
The S&P 500 lost over $2 trillion in market cap within minutes, and Asian markets opened sharply lower on Wednesday.
Rising bond yields and weak demand for U.S. debt are adding to investor fears, with analysts warning of prolonged market instability amid escalating trade tensions.
