Bitcoin’s price has dropped almost 9% over the last week, leading to a broader downturn across the crypto market.
Bitcoin’s price has dropped almost 9% over the last week, leading to a broader downturn across the crypto market. In particular, XRP, Dogecoin, and Cardano have all seen significant declines, each shedding around 26% of their value in the past seven days. XRP, which had reached a seven-year high earlier in January, now sits at $2.33, down from over $3. The token has been under pressure, partially due to technical issues with the XRP Ledger blockchain earlier this week, adding to its overall drop of 21% over the last week.
Dogecoin, the largest meme coin, has followed a similar downward trajectory, falling from $0.34 to $0.248 in the past week, a 26% drop. This volatility is nothing new for Dogecoin, a coin often influenced by unpredictable market forces and social media trends. Cardano, another top coin, has been hit even harder, down almost 27% to $0.71 from $0.98 last week. After a strong rally through late 2024, when its price surged from $0.33 to over $1, Cardano has since struggled, showing the typical volatility of the crypto market.
The drastic drops in the prices of these coins come amid a period of heightened uncertainty in the global financial landscape. The U.S. trade war under President Donald Trump continues to impact global markets. While Trump has paused tariffs on Canada and Mexico, 10% tariffs on Chinese goods went into effect this week, escalating tensions. China has retaliated, imposing its own tariffs and launching an antitrust investigation into Google. These moves have contributed to the overall sense of unease across global markets, including cryptocurrencies.
This uncertainty has had a direct impact on crypto prices. Other major cryptocurrencies have also experienced significant losses, with Ethereum down 18% over the past week, now priced at $2,700. Solana has dropped 21%, and Bitcoin remains below $100,000, reflecting the broader sell-off in the market.
Despite the losses, there has been some recovery, especially for meme coins like Dogecoin, which gained 10% on Tuesday, pushing its price back up to nearly $0.29. However, overall sentiment in the crypto market remains fragile, and the future of these assets is uncertain, with many factors such as ongoing trade tensions and market instability weighing on investor confidence. Crypto enthusiasts and traders are closely monitoring both the political and economic situation, knowing it could dictate the next move for digital assets.
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