Bitcoin, Ethereum, Dogecoin Tumble As Trump Ups China Tariffs, Scraps IRS Rule In Nod To Crypto Voters: Rising Yuan Could Boost Altcoins, Says Analyst
The cryptocurrency market cap dropped 2.80% in 24 hours to $2.54 trillion following President Donald Trump‘s sweeping tariff announcement, imposing a 145% duty on Chinese imports and a 10% universal tariff on most other goods.
| Cryptocurrency | Gains +/- | Price (Recorded at 9.47 p.m. ET) |
| Bitcoin (CRYPTO: BTC) | -3.34% | $79,672.33 |
| Ethereum (CRYPTO: ETH) | -6,13% | $1,532.89 |
| Dogecoin (CRYPTO: DOGE) | -1.35% | $0.1552 |
On Thursday, Trump signed legislation nullifying a revised Internal Revenue Service rule that had expanded the definition of “broker” to include decentralized cryptocurrency exchanges.
The rule, finalized during former President Joe Biden‘s administration, was criticized by the crypto industry as unworkable for DeFi platforms that lack visibility into user identities. This action fulfills part of Trump’s campaign promise to be a “crypto president.”
The Crypto Fear and Greed Index registered at 21, remaining in “Fear” territory for the second consecutive day, significantly down from November’s yearly high of 88.
Over $297.81 million in crypto positions were liquidated in the past 24 hours, affecting 101,191 traders. The largest single liquidation occurred on Binance’s ETH-USDT pair, worth $11.85 million, according to CoinGlass.
Top Gainers (24-Hours)
| Cryptocurrency | Gains +/- | Price (Recorded at 9.47 p.m. ET) |
| Onyxcoin (XCN) | +45.76% | $0.01741 |
| Curve DAO Token (CRV) | +13.16% | $0.5761 |
| Render (RENDER) | +6.42% | $3.54 |
Traditional markets reeled from Trump’s announcement of a temporary 10% universal tariff on most imports and a 145% duty on Chinese goods.
In Thursday’s session, the S&P 500, tracked by SPDR S&P 500 (NYSE:
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