Crypto Market Reeling From Tariff Threats, Flooded With 700 Fraudulent Tokens

Cryptocurrencies were indeed under pressure Saturday, days after U.S. tariff threats triggered market turbulence.

Crypto markets remained subdued Saturday, days after U.S. tariff threats triggered market turbulence.

The market chaos follows President Donald Trump’s executive order on Jan. 31, imposing tariffs on imports from Mexico, Canada, and China. While the tariffs on Mexico and Canada remain on pause, the move was enough to rattle investors and spark sell-offs across equities and digital assets.

Adding to the crypto market turmoil, over 700 fraudulent tokens capitalizing on Trump’s name have flooded the market, as reported by the Financial Times. The wave of scams has further eroded investor confidence, leading to heightened volatility.

TFW you find out the “Crypto President” is also “Tariff Man”

$TRUMP pic.twitter.com/E17xtQKfEU

Moreover, rumors of Kanye West launching a token did little to ignite activity in the market.

Despite the downturn, analysts say the crypto market’s next moves will depend on whether the tariff threats escalate and how investors react to the regulatory uncertainty surrounding these new meme coins.

Here’s a look at major cryptocurrencies as of 10:30 a.m. EST: