XRP and DOGE Drop Over 10% Following New U.S. Tariffs on China

XRP and DOGE fell over 10%, leading losses in major cryptocurrencies due to new U.S. tariffs on China, impacting Asian markets.

Key points:

• Bitcoin dropped 7% to near $79,000, down nearly 30% from January's peak of over $108,000.
• Ether, ADA, and BNB each declined by at least 9%.
• Overall market capitalization decreased by 8% to $2.7 trillion, reversing gains made since November.
• CoinDesk 20 index dropped nearly 9%.
• Market concerns stem from renewed tariff issues and a slowing economy, which affected equities and spilled over into crypto markets.
• Augustine Fan from SignalPlus noted that non-BTC tokens have struggled with liquidity challenges.
• The new 10% tariff adds to an existing tax on Chinese goods, raising fears of a trade war.
• China’s upcoming National People’s Congress could influence economic strategies and potentially impact crypto prices.
• Bearish sentiment persists among bitcoin traders, with a shift from bullish options to puts observed.
• Concerns regarding MicroStrategy's performance are contributing to negative sentiment around BTC.