President Trump’s Tariff threat turns XRP, Solana, Ethereum into Bloodbath
The three most popular altcoins, Ethereum, XRP, and Solana, have all fallen below 12% amid market correction.
Solana’ is down more than 12% in the last day. A major factor in SOL’s decline is the recent deadline for meme coin activity on its blockchain. Similarly, ZachXBT, a cryptocurrency investigator, found that multiple meme coins launched on Solana’s Pumpfun are linked to certain organizations that launder the Lazarus Group’s Bybit-stolen money.
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President Donald Trump’s reaffirmation that the United States will impose tariffs on Canada and Mexico caused Ripple’s XRP to plunge nearly 13% on Tuesday, joining the broader crypto market decline. Both nations have been unable to reach a consensus with the US government, even after initially halting the tariffs.
President Donald Trump said he anticipates tariffs on Canada and Mexico to begin in March during a White House press conference.
According to him, the tariffs are proceeding according to plan. Goods from both nations are subject to a 25 percent tariff, while Canadian energy resources such as electricity, natural gas, and oil are subject to a lower 10 percent tariff.
Many investors de-risked as the cryptocurrency market fell by roughly 8%, with Bitcoin breaking the $92,000 mark, due to the uncertainty surrounding the tariff’s effect on international trade. The cryptocurrency market capitalization has dropped by almost $250 billion because of the decline.
According to Coinglass data, traders on the futures side are on course to reach a milestone of roughly $1 billion in liquidations led by Bitcoin, Ethereum (ETH), and Solana (SOL). According to CoinShares weekly ETF flows data, there were notable withdrawals from Bitcoin investment products last week.
Last week, Bitcoin exchange-traded funds (ETF) lost $571 million, the second consecutive week of losses since the year started. CoinShares pointed out that investors may have pulled out money due to different factors, including new tariffs and expectations surrounding macroeconomic data.
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