ALBAWABA – The crypto market faced massive losses over the past 24 hours, with over $188 billion wiped out from the entire market. Ether, XRP, and DOGE saw a 20% decrease, largely due to Trump's latest regulations and tariffs on Canada and Mexico.
Crypto market records major declines
Due to the latest regulations and tariffs imposed by US President Donald Trump on Canada and Mexico, the crypto market experienced major liquidations, with over $2.2 billion lost in the past 24 hours.
More than $188 billion was wiped out from the entire market, with Bitcoin, Ethereum, Solana, BNB, XRP, and DOGE all facing significant losses.
Notably, Bitcoin recorded a 6.5% loss, dropping to $93,600, while Ethereum saw a decline of more than 20%, now priced at $2,500. XRP, on the other hand, experienced a loss of approximately 22.1%
The crypto market faced massive losses over the past 24 hours, with over $188 billion wiped out from the entire market due to Trump's latest regulations and tariffs on Canada and Mexico. (Shutterstock)
Additionally, Dogecoin saw an overall loss of 23%, while Pepe, another meme coin, dropped by nearly 26%.
As of now, nearly $188 billion has been wiped out from the cryptocurrency market. CoinDesk, a leading media, events, indices, and data company for the global crypto economy, reported that XRP and DOGE lost around $150 million, while Ether-based futures saw a loss of $84 million.
Trump’s latest tariffs
It is worth noting that US President Donald Trump recently imposed new tariffs on imports from Canada, Mexico, and China. Trump stated that these tariffs are intended to protect the US economy and trade policies.
In response, Canada and Mexico announced they would impose new tariffs on US imports, including steel, bourbon, and dairy products.
Although Trump’s victory in the US election initially caused the crypto market to rise, and despite his promises to support the market, the sector has faced significant losses due to his new policies and regulations.
