ADA, XRP, and SOL Drop 21% After Trump’s Crypto Reserve Announcement
Major cryptocurrencies Cardano's ADA, XRP, and Solana's SOL dropped 21% on Tuesday, reversing gains from President Trump's announcement of a U.S. crypto strategic reserve.
- Initial surge: ADA rose over 60%, XRP increased 33%, and SOL jumped 22% after the announcement.
- Market reversal attributed to profit-taking and risk aversion in equity markets.
- Trump's new tariffs on imports from Canada, Mexico, and China triggered a selloff in crypto assets.
- Bitcoin fell 9% to $84,000; Ether declined 12% to just above $2,000.
- Upcoming White House Crypto Summit may provide further insights on future regulations and market direction.