Cryptocurrency Collapse: How Tariffs Are Shaking the Rise of Ripple and Bitcoin
In a surprising turn of events, the cryptocurrency market is experiencing a sudden collapse as news of imminent tariffs from the Trump administration sends shockwaves through digital asset prices. Overnight, Ripple plummeted more than 6%, settling at $2.86, while Bitcoin wasn't spared, dropping 1.72% and trading around $10,675.
Just days earlier, Ripple had reached nearly $3, fueled by optimism that the administration might loosen cryptocurrency regulations. However, the tide turned dramatically with the announcement of new tariffs. The increase in import costs is expected to trigger inflation, crushing hopes for further interest rate cuts.
While reports suggested a potential delay of the tariffs until March 1st, allowing countries to request exemptions on certain exports, the White House quickly refuted this speculation, reaffirming that the tariffs would take effect starting February 1st. The additional 10% tariffs on China and 25% on Canada and Mexico have further intensified investor concerns.
The ripple effect of these tariffs is not only affecting individual cryptocurrencies. The entire digital market is collapsing, with prices tumbling across the board as traders rush to adjust to the potential economic fallout.
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