Editor's PiCK
Trump's Tariff Bomb... Bloomberg Reports 'Dogecoin Investors Fleeing'
Summary
- After President Trump's announcement of a new tariff policy, altcoins were severely impacted, with Dogecoin falling by 14%.
- As a result, major altcoins plummeted by more than 10% each, and the overall cryptocurrency market showed a downward trend.
- Concerns that the trade war and stagflation could trigger a recession are spreading throughout the cryptocurrency market.
The U.S. Trump administration's 'tariff bomb' has also hit the cryptocurrency market hard.
Bloomberg reported on the 2nd (local time) that "the cryptocurrency market plummeted after U.S. President Donald Trump announced a new tariff policy," and "some highly speculative virtual assets were severely impacted."
Bloomberg focused on the decline of altcoins. Bloomberg stated, "Dogecoin, supported by Elon Musk, fell about 14% as investors fled," and "it is 45% lower compared to the peak recorded after Trump's election victory on December 8 last year." It added, "Major altcoins such as Ripple, Cardano (ADA), Avalanche (AVAX), and Chainlink (LINK) also plummeted by more than 10% each."
Concerns about a recession are also growing. Caroline Bowler, CEO of the Australia-based cryptocurrency exchange BTC Markets, said, "The tariff war caused by Trump is affecting the entire financial market," and "fears that the trade war and stagflation (rising prices amid economic slowdown) could trigger a recession are spreading throughout the cryptocurrency market."
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul![Trump ally Myron, a Fed governor, resigns White House post…pushing for rate cuts until Warsh arrives? [Fed Watch]](https://media.bloomingbit.io/PROD/news/75fa6df8-a2d5-495e-aa9d-0a367358164c.webp?w=250)
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