Ethereum fell 8.3%, while Bitcoin dropped 4.1% to $76,550, marking its lowest point since March 2023, following the implementation of President Donald Trump’s new tariffs on Chinese goods at midnight on Tuesday.
The broader cryptocurrency market mirrored this global selloff, with Ethereum suffering the largest losses among major tokens.
Dogecoin plummeted by 16.3%, while Solana and Cardano saw even steeper declines of 18% and 23.7%, respectively, over the past week.
Bitcoin briefly dipped below $75,000 late Tuesday, now down about 30% from its January high of over $109,000.
Liquidations in the crypto market surpassed $411 million in the last 24 hours, according to CoinGlass.
“It’s been a brutal stretch since February,” said Pav Hundal of Swyftx, referring to the $1.2 trillion wipeout across crypto markets. “Investors are feeling extreme emotions.”
Meanwhile, U.S. stock futures also plunged as Trump’s sweeping tariffs on 185 countries triggered a global risk-off sentiment.
The S&P 500 lost over $2 trillion in market cap within minutes, while Asian markets opened sharply lower on Wednesday.
Rising bond yields and weak demand for U.S. debt are further fueling investor concerns, with analysts warning of prolonged market instability as trade tensions escalate.
