Bitcoin, Ethereum, Solana Drop on Monday as Trump's Trade War Continues

The consequences of Donald Trump's trade war continue to devastate the global stock and cryptocurrency markets even on Monday as major cryptocurrencies like Bitcoin, Ethereum, Solana, and Cardano experience a significant fall, ahead of predictions of a major market correction. While Bitcoin fell below $80,000, Ether also dropped 12% and fell below $1,600 after the global financial market crisis caused by the trade war. Stock exchanges in Asian markets plummeted on Monday morning, as negotiations with U.S. President Donald Trump over tariff rates failed over the weekend. According to Reuters, Trump described the high tariff rates on Asian countries as "medicine", indicating a rougher terrain for the global financial markets. The cryptocurrency market has also been affected in the past 12 hours as Bitcoin fell by 5%, Ethereum fell by 12%, and both Solana and Cardano fell by 10% in value. At the time of publishing this report, Bitcoin (BTC) is priced at $78,931, sharply falling by 5.6% from a high of $82,669 in the past 12 hours. The price of BTC has fluctuated around the important price level of $80,000 for several weeks now, and breaking below this support level combined with strong short-selling by traders could also lead to a significant decline.

Similarly, the price of Ether has also fallen sharply in the past 12 hours ahead of the market correction, dropping below the important support level of 1600 dollars after a year and a half, according to CoinGecko.

When it comes to memecoin, Dogecoin ($DOGE) also fell, self-correcting to $0.14 with a decrease of 11.4%.

The entire cryptocurrency industry was also affected by Trump's trade war, causing the market capitalization to fall by 8.1% to 2.51 trillion dollars.