Global Cryptocurrency Market Plummets Amid Trump Tariff Announcement

The cryptocurrency market faced significant losses on Sunday evening, as President Trump announced a new 15% global tariff on U.S. imports. This move had an immediate impact on the prices of leading cryptocurrencies, including Bitcoin, Ethereum, and XRP.

According to data from Crypto24-Hour Gains, these cryptocurrencies experienced significant declines in value over the past 24 hours. Bitcoin dropped by 4.43% to $65,064.39, while Ethereum fell by 5.31% to $1,872.10. XRP and Dogecoin also saw sharp drops of 6.63% and 6.33%, respectively.

The cryptocurrency market capitalization stood at $2.31 trillion, following a modest increase of 0.57% over the past 24 hours. However, this growth was largely offset by significant liquidations in the market, with over $300 million wiped out in bullish long positions alone.

Analysts are predicting further drops in cryptocurrency prices, citing technical patterns and historical data. Ali Martinez, a well-known analyst, identified a potential 'death cross' on Bitcoin's three-day chart, which could signal a major sell-off or sustained bearish trend.