yolowire.com - Investors around the world have liquidated $2.2 billion U.S. of Cryptocurrencies, among the biggest sales of the past 12 months, as equity markets around the world plunge.
Smaller cryptocurrencies such as XRP (CRYPTO: XRP), Dogecoin (CRYPTO: DOGE), and Cardano (CRYPTO: ADA) fell as much as 25% in the past 24 hours, reaching pre-U.S. election levels from last November.
Many altcoins are down as much as 50%, making this one of the steepest declines for the crypto sector on record.
Overall, the market capitalization of cryptocurrencies is down 12%, the worst drop in over a year, according to market data.
The sharp selloff in cryptocurrencies is occurring amid a broad selloff in stocks that’s been prompted by tariffs the U.S. imposed on Canada, Mexico and China.
The price of Bitcoin (CRYPTO: BTC), the largest crypto by market capitalization, is down 3% and currently trading at $94,700 U.S.
The price of Ethereum (CRYPTO: ETH), the second-largest cryptocurrency, is down 14% to $2,565 U.S. per digital token.
The steep decline comes as investors move out of risk assets as U.S. tariffs spark fears of a global trade war that will lead to higher consumer prices and a rise in interest rates.
Crypto prices had been slumping in the days leading up to Trump’s tariffs being imposed on Feb. 1 as investors around the world grow increasingly skittish.
Bitcoin’s price has now declined nearly 15% since hitting an all-time high slightly above $109,000 U.S. on Jan. 20, the day of Trump’s inauguration.
Trump returned to elected office promising legislation and policies that will support digital coins and tokens, and to make the U.S. “the crypto capital of the planet.”