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>>Significant price drops have impacted many altcoins, with some experiencing dramatic declines.

Significant price drops have impacted many altcoins, with some experiencing dramatic declines.

crypthub

4 days ago

Market Reaction to Tariff Announcement

The cryptocurrency market experienced a sudden and significant downturn following an announcement regarding tariffs imposed on China. Several projects saw drastic losses, with the overall market shifting to a negative trend. The sharp decline impacted a broad range of cryptocurrencies.

Significant Altcoin Losses

Filecoin (FIL) suffered the largest percentage drop at 56.86%, initiating the cascade. Worldcoin (WLD), Artificial Superintelligence Alliance (FET), and Render (RNDR) also experienced considerable losses exceeding 48%. Numerous other altcoins, including memecoins and DeFi projects, faced declines of over 40%.

Broad Market Impact

Cryptocurrencies such as Bonk (BONK), Story Protocol (IP), and Lido DAO (LDO) were notably affected by the downturn. The losses extended to popular projects like Kaspa (KAS), Curve DAO (CRV), and Optimism (OP). Many others, including ENS, ARB, and DOT, also witnessed significant declines.

Price Fluctuations

Bitcoin briefly dipped to around $102,000 during the tumultuous period. XRP and Dogecoin were also impacted by the market volatility. The abrupt market shift highlights the sensitivity of cryptocurrencies to broader economic news.