Crypto market freefall: $500 billion wiped out after Trump’s tariff announcement; Bitcoin drops to 3-week low

The global cryptocurrency market experienced a significant downturn on Monday morning, shedding nearly $500 billion in market capitalization since late Saturday evening. The global crypto m-cap plummeted around 14 per cent from $3.49 trillion to $3 trillion, according to the data from Coinmarketcap.com

The decline followed U.S. President Donald Trump’s announcement of substantial tariffs on February 1 on imports from Canada, Mexico, and China, intensifying fears of a global trade war.