Bitcoin dips below $100,000, memecoins plummet as market responds to US tariffs
The crypto market has dipped in response to President Trump’s plan to enact steep tariffs on imported goods from Canada, Mexico, and China beginning on Tuesday.Canada and Mexico have ordered retaliatory tariffs in response, while China promised “corresponding countermeasures” and said it would file a lawsuit with the WTO.Memecoins were particularly hard-hit by the downturn, with many top coins seeing double-digit percentage drops. Trump’s memecoin has fallen nearly 30% over the past week.
The crypto market has responded to President Trump's plan to implement 25% tariffs on imported goods from Canada and Mexico, with 10% tariffs on Canadian energy and Chinese goods, with a broad sell-off that has hit memecoins particularly hard.
The import taxes are set to take effect on Tuesday , and were levied because the three foreign governments haven't done enough to stem the flow of drugs into the United States, the White House said. Canada has announced counter-tariffs in response, with Mexico and China both promising a similar retaliatory response. China said on Sunday it would file a lawsuit with the World Trade Organization over the tariffs.
The Block's GMCI Solana Memes index , which tracks top Solana memecoins by market cap including Dogwifhat and Bonk, is down over 13% in the last 24 hours and down 30% in the past week, as the market responds to what the conservative-leaning Wall Street Journal editorial board called "the dumbest trade war in history."
Trump's official memecoin is itself down 7% in the past 24 hours, and down 30% over the past week, according to The Block's Official Trump Price page . Melania's memecoin is similarly struggling , down 5% in the past 24 hours and down about 38% on the week.
19 out of 20 top memecoins by market cap, according to CoinMarketCap , have dropped in price more than 20% in the past seven days. (The lone exception, Shiba Inu, is down 17.3% on the week.) Zero of the site's top 100 tokens by market cap, excluding stablecoins, have seen gains over the past 24 hours.
The Block's GMCI 30 index of the top 30 tokens by market cap has fared the best of The Block's indices , seeing a 7.15% drop, compared to the double-digit percentage losses of most other indices. Bitcoin's price has dipped back below the $100,000 mark as a result of the market move.
"THIS WILL BE THE GOLDEN AGE OF AMERICA! WILL THERE BE SOME PAIN? YES, MAYBE (AND MAYBE NOT!). BUT WE WILL MAKE AMERICA GREAT AGAIN, AND IT WILL ALL BE WORTH THE PRICE THAT MUST BE PAID," Trump said in a post on Truth Social early Sunday.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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