Cryptocurrency Market Bloodbath: Most Coins Lose Double-Digit Value in 24 Hours Due to Trump's Tariffs on Canada and Mexico

Although Bitcoin only lost about 6.5 per cent of its value, dropping to $93,600, the situation is grave for altcoins. Ethereum lost over 20 per cent and is now trading below $2,500.

The cryptocurrency market witnessed a steep selloff on Monday, May 28, after US President Donald Trump announced tariffs on imports from Canada and Mexico. Most cryptocurrencies lost double-digit percentages of their value over the last 24 hours.

Bitcoin price dropped by about 6.5 per cent, bringing its price down to $93,600 (approximately Rs. 64.2 lakhs). However, the situation was worse for altcoins. Ethereum price crashed by over 20 per cent and is now trading below the $2,500 (approximately Rs. 1.7 lakhs) mark. XRP price, which has seen a steep rise over the last few weeks, dropped by over 22.1 per cent.

Despite the recent memecoin hype, Dogecoin price also crashed by about 23 per cent. Pepe coin price dropped by almost 26 per cent.

The total liquidations in the crypto market crossed $2.2 billion (approximately Rs. 15,000 crores) in the last 24 hours.

Futures market wiped out over $600 million (approximately Rs. 4,100 crores) in the past 24 hours, especially in the early Asian hours. As per CoinDesk, positions in XRP and DOGE futures cumulatively lost $150 million (approximately Rs. 1,000 crores), while other derivatives tracking the price of altcoins lost $138 million (approximately Rs. 940 crores). Further, Ether-based futures lost $84 million (approximately Rs. 570 crores).

Trump-Triggered SelloffThe bloodbath was triggered by Donald Trump's executive order last Saturday that imposed steep tariffs on imports from Canada and Mexico. He also imposed tariffs on imports from China.

While Trump argues that the tariffs will protect American interests, his actions are likely to trigger a global trade war. Mexico has already imposed retaliatory tariffs targeting American-made steel, bourbon, and dairy products. Starting Tuesday, Canada will also impose a 25 per cent tariff on $30 billion (approximately Rs. 2 lakh crore) worth of American imports.

Notably, Trump's victory as the 47th US President saw cryptocurrency prices rise significantly. He also promised to bring in pro-crypto regulations and has even created a working group to explore American crypto policies.