The cryptocurrency market is experiencing a downturn, with major coins like Bitcoin (BTC) and Ethereum (ETH) seeing significant price drops. According to Coinbase, BTC is down 5.46% and ETH has fallen 6.35%.
Several factors are contributing to this decline. The latest trade war escalation, led by Donald Trump's tariffs on auto imports and other goods from Canada, Mexico, and China, has reignited concerns of a global economic slowdown. This has led to a decrease in market sentiment across asset classes, with the S&P 500 declining by nearly 1.85% since the announcement.
Additionally, the US Office of Foreign Assets Control (OFAC) has sanctioned eight cryptocurrency wallet addresses linked to Russian crypto exchange Garantex and the Yemeni political and military organization the Houthis. This move has further added to the market's uncertainty.
*Key Market Stats:*
- _Global Crypto Market Cap:_ $2.66T, a 2.44% decrease over the last day⁵
- _24-hour Volume:_ $131.39B, a 68.69% increase
- _BTC Dominance:_ 62.2%
- _ETH Dominance:_ 8.2%
In this volatile market, it's essential to stay informed and adapt to changing conditions. Keep a close eye on market trends, news, and analysis to make informed trading decisions.
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