Coindesk

Major tokens slumped more than 25% in the past 24 hours as a new wave of tariffs imposed by the U.S. on Canada and Mexico over the weekend birthed talks of a global trade war — souring sentiment for risk assets.XRP, dogecoin (DOGE) and Cardano’s ADA fell more than 25% to reverse all of the gains since December, reaching pre-U.S. election levels from early November. Most majors are down 40-50% in the past month, data shows, making it one of the steepest dives in recent years. Overall market capitalization fell 12%, the worst fall in over a year, while the broad-based CoinDesk 20 (CD20) lost 10%. Bitcoin (BTC) dropped 6%.Futures markets reflected these losses with traders of ether (ETH)-tracked products...

Bitcoin's (BTC) on-chain options market on Derive.xyz indicates a 22% probability of prices falling to $75,000 by March 28, a notable rise from last week's 10% chance.The sharp rise in probability follows a renewed import tariff war between the U.S. and its top trading partners, Canada, Mexico and China and concerns it will add to inflation in the global economy, making it difficult for central banks, including the Fed, to cut interest rates.“The recent tariffs imposed by Trump, including 25% on imports from Mexico and Canada and 10% on Chinese goods, are likely to lead to increased inflation, which could dampen investor sentiment in crypto markets," Derive said in an email. Andre Dragosch, head of Europe at Bitwise, said on...

Major cryptocurrency including bitcoin (BTC), ether (ETH), Solana's SOL, and XRP were all significantly down as Asia began its trading week.By mid-morning Hong Kong time, BTC was down 8%, trading above $93,100, according to CoinDesk Indices data.Meanwhile, ether (ETH) is down nearly 20%, trading at $2,500, while SOL is down 13% at $184. XRP is down 28% and trading at $2. Data from CoinGlass shows that over the last 12 hours nearly $1.3 billion in long positions have been liquidated, with around $400 million in long ether positions and $300 million in long BTC positions. The market correction stems from a trade war that has seemingly been ignited by U.S. President Donald Trump with 25% tariffs being placed on...

Bitcoin (BTC), the leading cryptocurrency by market value and the only macro asset open for trading over the weekend, held below $100,000, trading weak for the third straight day, as Canada joined Mexico in announcing retaliatory import tariffs against the United States.Prime Minister Justin Trudeau said Canada would impose 25% tariffs on U.S. goods, from drinks to appliances, after President Donald Trump imposed a 25% tariff on Canadian and Mexican imports and 10% on goods from China. China said it would file a case against the U.S. at the World Trade Organization while vowing unspecified countermeasures to safeguard its interests.The renewed trade war, coupled with mass deportations of illegal migrants from the U.S., could add to inflation, weakening the case for...

Following through on threats made throughout his campaign and repeated in the opening days of his presidency, Donald Trump has imposed 25% tariffs on nearly all imports from Mexico and Canada and a 10% tariff on goods from China.The tariffs are effective beginning Tuesday."The sustained influx of illicit opioids and other drugs has profound consequences on our Nation, endangering lives and putting a severe strain on our healthcare system, public services, and communities," said the president in his Executive Order authorizing the levies.With traditional markets closed for the weekend, crypto is bearing the brunt of the risk-off reaction to the tariffs. Bitcoin (BTC) is lower by 2% and just hanging on above $100,000 after rising as high as $106,000 only...