Bitcoin sinks below $90,000 on U.S. trade concerns; Ethereum, Solana drop up to 15%
Ethereum, XRP, and Solana, tumbled on Tuesday amid concerns over U.S. investment restrictions on China.
As of 1:04 PM IST, Bitcoin fell 5.4% to $89,626. Ethereum dropped 7.7% to $2,498. The global crypto market cap declined 4.7% to $2.98 trillion in the past 24 hours.
Investor sentiment weakened following U.S. President Donald Trump’s remarks that tariffs on Canada and Mexico are «on time and on schedule,» alongside his move to restrict Chinese investments in key sectors. Weak U.S. economic data, including sluggish retail sales, lower consumer confidence, and softer manufacturing and services sector reports, further dampened market confidence, pressuring the U.S. dollar.
«Global markets have reacted strongly to Trump's 25% tariffs on Canada and Mexico, impacting crypto. Inflation concerns and trade disruptions are driving short-term sell-offs, but investor focus should be on how neighboring countries respond,» said Edul Patel, CEO and cofounder of Mudrex.
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