Dogecoin Falls 9% as Cardano and Solana Drop 6% Amid Tariff Concerns
Dogecoin (https://holder.io/coins/doge/) dropped 9%, while Cardano (https://holder.io/coins/ada/) and Solana (https://holder.io/coins/sol/) each fell 6% amid renewed trade tensions following Trump's reinstated tariffs.
A U.S. Court of Appeals temporarily stayed a ruling that had struck down tariffs imposed under the 1977 International Emergency Economic Powers Act, affecting nearly all U.S. trading partners.
Key developments include:
- Bitcoin (https://holder.io/coins/btc/) slid below $106,000
- Ether (https://holder.io/coins/eth/) lost the $2,700 mark
- CoinDesk 20 index fell 4%
- Total crypto market capitalization remained flat at $3.42 trillion
Nick Ruck from LVRG Research noted that Bitcoin's decline coincided with negative U.S. GDP figures and rising jobless claims. He remains optimistic for Bitcoin's long-term value despite current volatility.
Market analysts observed that cryptocurrencies are not responding to positive stock market movements due to their ties to tariffs and corporate reports rather than money supply dynamics.