Global cryptocurrency market capitalization dropped 3.16% to $2.78 trillion in 24 hours, according to the latest market data, while bitcoin fell below $84,000. Analysts attributed the decline to concerns that Trump’s tariffs—previously aimed at the European Union (EU) with rates up to 25%—could intensify trade tensions and inflation, curbing risk appetite.
Source: markets.bitcoin.com
In addition to SAFE, VANA decreased by 8.32%, RAY by 8.16%, LEO by 7.02%, BGB by 6.82%, and HNT by 6.67%. SOL also declined by 5.82%, FTM dropped by 6.20%, and LDO fell by 5.65%. Meme coins such as BRETT, the official TRUMP, and SPX also experienced losses. Dogecoin (DOGE) is now trading at levels unseen for quite some time. Defying the general downturn, KAITO managed to climb 41.60% today.
Market observers connected the altcoin downturn to the tariffs’ economic ripple effects. Some remarked that such policies risk igniting inflation and decelerating growth, disproportionately affecting volatile assets like cryptocurrencies. Smaller altcoins, which lack the liquidity of bitcoin or ethereum, encountered heightened pressure.
Much like the previous instance of notable declines in crypto markets, the event highlighted an increasing correlation between crypto and traditional markets, where tariff concerns similarly unsettled equities. SAFE’s decline, on the other hand, was also due in part to the report Bybit released on Wednesday explaining how Safe Wallet’s developer machine was compromised.
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