ETH/USD: Ether Plunges 27% as Trump’s Tariffs Severely Dent Market Sentiment

At its lowest point, Ether had erased as much as 37% from its Friday high, right before Trump’s tariffs were rolled out.

💣 Ether Sinks Big, Big Time

• Ethereum prices ETHUSD fell off a cliff Monday morning with the first trades knocking the price by a whopping 27%. The second-largest coin slipped from $2,870 per token to about $2,150 per token before traders picked it up a little bit to $2,500. It was the sharpest intra-day decline in about four years.
• It’s all about markets reacting to Donald Trump’s tariffs, which he signed into an executive order over the weekend.

🌪️ Tariffs Wreak Havoc in Markets

• The imposed import duties envision a world where trade wars dictate how countries deal with one another. Trump slapped its long-term ally China with a 10% import duty that will be paid for each product pulled into the US. Canada and Mexico are getting special treatment with 25% tariffs.
• All that added cost means US businesses and consumers will pay more for pretty much everything. And that isn’t good for risk assets, hence the drop in crypto prices.

☔ Bitcoin Sinks 6%

• Looking across the board, Bitcoin BTCUSD fell 6% to gyrate near $91,000 Monday morning with the broader crypto market feeling under pressure. XRP fell 23% to $2.25 a piece and Solana shed 8% to dive below $220. Dogecoin was down 22% to $0.23 and Trump’s token tumbled 15%.