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The cryptocurrency market cap has seen a significant reduction of $1 trillion since December 2024. This massive sell-off was instigated by President Donald Trump‘s proposed tariffs, causing Bitcoin’s price to plunge drastically.
What Happened: The world’s largest cryptocurrency, Bitcoin, fell below $80,000, a 28% drop from its record high of $109,241 in January. Ethereum, the second-largest cryptocurrency, also experienced a sell-off, reaching its lowest price since January 2024.
President Trump, who had labeled himself the “crypto president” during his campaign, announced plans to impose 25% tariffs on Mexico and Canada, starting Tuesday. This announcement led to a …
