Crypto market turns red as Trump, US tariff threats linger
Cryptocurrencies were indeed under pressure Saturday, days after U.S. tariff threats triggered market turbulence.
The market chaos follows President Donald Trump’s executive order on Jan. 31, imposing tariffs on imports from Mexico, Canada, and China. Although the tariffs on Mexico and Canada remain on pause, the move was enough to rattle investors and spark sell-offs across equities and digital assets alike.
Adding to the turmoil, crypto markets have been flooded with over 700 fraudulent tokens capitalizing on Trump’s name, as reported by the Financial Times. The wave of scams has further eroded investor confidence, leading to heightened volatility.
Rumors of Kanye West’s launching of a token did little to ignite activity, as well.
Despite the downturn, analysts say the crypto market’s next moves will depend on whether the tariff threats escalate and how investors react to the regulatory uncertainty surrounding these new meme coins.
Here’s a look at major cryptocurrencies as of 10:30 a.m. EST:
