The cryptocurrency market has seen a drastic fall for two days in a row. Reports suggest this downturn comes in the wake of President Donald Trump‘s imposing 100% tariffs on China.
On Sunday, the total market capitalization of the crypto market has plummeted to $3.7 trillion, down from a historic high of $4 trillion just last week. The trading volume currently stands at $250.02 billion, as indicated by CoinMarketCap data.
Bitcoin (CRYPTO: BTC), the leading cryptocurrency globally, was valued at $1,11,660.41, while Ethereum (CRYPTO: ETH) was priced at $3,817.26. The wider crypto market experienced a 0.89% fall over the past 24 hours, adding to a seven-day decline of 11.5%.
Market analysts are attributing this downturn to the geopolitical disturbance caused by Trump’s tariffs on China and the restrictions on US software exports, which have ignited fears of a potential trade war.
According to Coinglass data, over $19 billion in…
