Why is crypto market down? US President Donald Trump’s announcement of a 100% tariff on “any and all critical software” imports from China triggered a crypto bloodbath, with Ethereum and most other cryptocurrencies seeing steep falls.

At 6:10 am, Bitcoin declined 7.60 per cent to $1,12,592.31, while Ethereum fell 12.24 per cent to $3845.92, according to CoinMarketCap data. The world’s largest cryptocurrency saw $9.5 billion in liquidations after failing to hold support at the $120,000 level, the CoinMarketCap analysis showed.

Top 5 Crypto tokens

At 6:45 am, Bitcoin was down 8.40% to $111,841.14, with its market cap falling 8.12% to $2.23 trillion.

Ethereum, the world’s second-largest cryptocurrency, dropped 15.62% to $3,792.31, and its market cap fell 13.81% to $456.97 billion.

Tether

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