Tariff War Hits ETH, XRP, And SOL Hard
The cryptocurrency market experienced a major rally over the weekend, with Donald Trump announcing the inclusion of three additional digital assets (SOLANA (SOL), XRP) and CARDANO (ADA) in the future state “critical strategic reserves”.
The news provides a much-needed respite for the market, as a result of a range of challenges, including member Crash, major hackers and ongoing tariff uncertainty.
A brief intensive meeting
Initially, President Donald Trump’s announcement led to impressive gains across the board. XRP soared 32% in the hours after the news, while Solana increased 27%, and Cardano jumped.
But, as the excitement resolved, these gains began to disappear. Over the past 24 hours, XRP has lost 18% of its value, Solana has dropped 20%, Ethereum (ETH) has dropped 25%, and Cardano has dropped 25%. BitcoinDuring the same period, 11% was briefly assembled, and 10% also fell.
Related Readings
The background of this rally is Trump’s announcement The 25% tariff imposed on goods imported from Canada and Mexico has attracted the attention of stocks and crypto investors. The president said the time for negotiations had passed, resulting in an immediate response from the financial markets.
Coinbase CEO Bitcoin Reserve only
Although Trump’s manifesto has attracted interest, details about the establishment of a strategic reserve of cryptocurrency remain blurred. While the president named the currency that would be included, he did not specify when the reserves would operate or how the government intends to fund these assets.
The ambiguity has left investors and industry leaders waiting for further clarification, especially as Trump prepares for the first cryptocurrency summit at the White House this Friday.
The event will It is said that Important figures from the digital asset space, including founders, CEOs and investors, and are expected to articulate the government’s plans.
Related Readings
Zach Pandl, head of research at Grayscale, noted that trends among investors are growing to diversify their cryptocurrencies. He stressed that although Bitcoin remains the focus of many people Digital Assets It is diverse, and investors are increasingly looking for widespread exposure similar to traditional asset classes.
However, not all industry leaders have the idea of multi-asset reserves. Coinbase CEO Brian Armstrong suggested that including only Bitcoin is probably the easiest and most effective way to do it.
Coinbase’s CEO acknowledged an interest in diversification but proposed a market cap-weighted index for crypto assets as a potential alternative to maintaining neutrality.
So far, XRP has managed to merge at $2.30, down more than 32% from its record high of $3.40 during the 2018 Bull Cycle.
Featured images from dall-e, charts from tradingview.com
