The cryptocurrency market is left reeling as U.S. President Trump enacts hefty tariffs on Canada, Mexico, and China.
Bitcoin lost the $100,000 mark around 10:30 a.m. Eastern and traded at $97,897.03 at the time of writing around afternoon.
Notable altcoins saw a significant downturn, with XRP bleeding out 15%.
Trump’s tariffs primarily target imported goods and will be effective starting Tuesday, aiming to curtail the influx of illicit opioids and other drugs into the U.S.
In response, Canada has vowed retaliatory tariffs, and China plans to file a WTO lawsuit, escalating tensions in what’s being deemed an international trade dispute.
Altcoins are worse-hit as the overall crypto market is down 7% compared to Bitcoin’s 5% in the past 24 hours, according to data from CoinMarketCap. Solana has taken a 12% hit, trading at $197.09.
This broad sell-off severely hit memecoins, notorious for their volatility.
The leader among these, Dogecoin is down 16%.
Trump’s own meme coin is showing slighly more resilience, down 4.5% over 24 hours, outperforming Bitcoin. But the $TRUMP memecoin has nearly one-third of its value over the past week.
Similarly, the first lady Melania Trump’s namesake memecoin $MELANIA is down roughly 40% over 7 days, trading at $1.56.
The jitters aren’t specific to the crypto market, and the U.S. equities may echo similar sentiments when markets open for trading on Monday morning after the weekend break.
The euphoria brought on by Trump’s election to the office has been muddled by a string of events, with latest cause being the launch of Chinese AI app DeepSeek.
DeepSeek has jittered the U.S. tech stocks with market sentiments shifting on just how much moat the country has on AI training and how high the demandfor Nvidia chips would be.