Key Takeaways
- The crypto market lost around $500 billion in reaction to Trump’s tariff announcement.
- XRP, ADA, and SOL recorded double-digit losses after their recent rallies.
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Around $500 billion has been wiped out of the crypto market in the past 24 hours ahead of Trump’s tariff deadline.
XRP, Cardano (ADA), and Solana (SOL)—the three leading crypto assets that posted major gains on Trump’s proposed crypto reserve—have now suffered steep losses, posting double-digit declines as market sentiment shifts.
According to data from CoinGecko, XRP dropped 17% in the last 24 hours, erasing gains that followed Trump’s earlier statement about including the crypto asset in the US reserve. The asset had previously surged over 25%, reaching nearly $3.
ADA and SOL experienced similar declines, falling approximately 25% and 20% respectively. ADA, which had surged over 75% to above $1 on Sunday, retreated below $0.8. SOL declined from $177 to $135.
The total crypto market cap has shrunk by over 12% over the past 24 hours. Bitcoin, after surging past $94,000 on Sunday, has pulled back. The digital asset is now trading at around $83,700, down almost 10%.
The second largest crypto asset, Ethereum, is down around 15%, while plenty of lower cap coins are down even further.
Tariffs on Canada and Mexico to take effect tomorrow
Trade war fears swiftly extinguished the hype that had built up around the US crypto reserve.
The market downturn intensified after Trump confirmed that 25% tariffs on…
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