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XRP, DOGE Plunge 10% as Fresh Trump Tariffs Hit China Markets
XRP and dogecoin (DOGE) plunged over 10% to lead losses among crypto major as confirmation of fresh U.S. tariffs on China hit Asian markets on Friday, adding to an already tumultuous week for cryptocurrencies.
Bitcoin (BTC) dropped 7% to near $79,000 for the first time since November, down nearly 30% since its January peak of above $108,000. Ether (ETH), Cardano’s ADA and BNB Chain’s BNB showed similar woes with a slide of at least 9%.
Overall market capitalization fell 8% to $2.7 trillion, reversing all advances since U.S. President Donald Trump was elected in early November. The broad-based CoinDesk 20 (CD20) dropped nearly 9%.
A solid earnings from Nvidia on Wednesday was not enough to offset the onsetting market gloom as global equities faltered on a combination of renewed tariff concerns, a slowing economy and overstretched positioning, which has naturally spilled over to crypto given BTC’s high correlation with the S&P 500 index, traders say.
“On a YTD basis, ex-BTC tokens and trading sentiment have struggled mightily with liquidity being depleted from the numerous memecoin runs, and BTC also buckled from the weight of ETF selling, which hit a record high last week,” Augustine Fan, head of insights at SignalPlus, told CoinDesk in a Telegram message.
Friday’s losses in crypto markets mirrored those of Chinese stocks, which slumped after Trump announced a new 10% tariff on Chinese imports. This added to worries about a growing trade war between the U.S. and China, the world’s two largest economies.
The new tariff adds to an existing 10% tax on Chinese goods that started earlier this month. This could hurt China’s economy, which faces a property crisis and falling prices. It might also stop a stock market rise fueled by China’s AI advances — led by ChatGPT rival DeepSeek.
The move comes ahead of China’s big annual meeting, the National People’s Congress, starting next week, where leaders are expected to share economic plans and growth goals.
A decision of China to spend more or encourage buying to boost the economy could impact bitcoin and crypto prices and serve as a market catalyst — making it a key data point to watch for next week.
However, the mood remains bearish among some bitcoin traders until then.
“Bullish option speculators are throwing in the towel as well, with volatility coming lower against a lower spot price as calls are being dumped in favour of puts,” SignalPlus’ Fan said.
“Finally, concerns over MSTR (-10%) are adding an extra element of risk to BTC, given their convertible funded buying, putting bearish sentiment at a near-term extreme on many technical indicators.”
Shaurya is the Co-Leader of the CoinDesk tokens and data team in Asia with a focus on crypto derivatives, DeFi, market microstructure, and protocol analysis. Shaurya holds over $1,000 in BTC, ETH, SOL, AVAX, SUSHI, CRV, NEAR, YFI, YFII, SHIB, DOGE, USDT, USDC, BNB, MANA, MLN, LINK, XMR, ALGO, VET, CAKE, AAVE, COMP, ROOK, TRX, SNX, RUNE, FTM, ZIL, KSM, ENJ, CKB, JOE, GHST, PERP, BTRFLY, OHM, BANANA, ROME, BURGER, SPIRIT, and ORCA. He provides over $1,000 to liquidity pools on Compound, Curve, SushiSwap, PancakeSwap, BurgerSwap, Orca, AnySwap, SpiritSwap, Rook Protocol, Yearn Finance, Synthetix, Harvest, Redacted Cartel, OlympusDAO, Rome, Trader Joe, and SUN.
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Overall crypto market capitalization fell 8% to $2.7 trillion, reversing all advances since Republican Donald Trump was elected U.S. president in early November.
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Shaurya Malwa
Sudden $1 Trillion Crypto Market Shock Sees Bitcoin Plunge Under $80,000 Price
Bitcoin has plunged under $80,000 per bitcoin as a crypto rout that’s wiped $1 trillion from the combined market gathers pace, fueling fears of more pain to come.
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The bitcoin price is down around 25% from its all-time high of almost $110,000 per bitcoin, crashing back as insiders warn of bitcoin price “suppression.”
Now, as traders are warned not to “buy the dip,” analysts are predicting how deep the bitcoin price correction could go and if it will escalate into a full-blown market crash.
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U.S. president Donald Trump’s latest salvo of international tariffs have been blamed for the bitcoin … [+]
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“According to technical analysis, the next target for bitcoin’s price is around the $70,000 level, which serves as a strong support zone,” Ruslan Lienkha, chief of markets at bitcoin and crypto platform YouHodler, said in emailed comments.
“However, we will only see this level if negative sentiment dominates the equity markets. U.S. stock indices have been in the red for several consecutive days, but it is still too early to conclude that the broader uptrend has ended—it could simply be a market correction.”
“Bitcoin follows a textbook ascending broadening wedge pattern, which projects a target price in the low $70,000s,” Markus Thielen, the founder of 10x Research, said in an emailed note.
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The bitcoin price has dropped sharply from its all-time highs.
Analysts also pointed to U.S. president Donald Trump’s growing international trade war as driving the latest crypto market sell-off, which comes alongside the U.S. stock market falling from its all-time highs.
“The crypto market is currently very edgy, with the number 21 reading on the Crypto Fear & Greed index—marking its lowest level since September,” Agne Linge, head of growth at decentralized onchain bank WeFi, said via email.
“With the tariffs on Canada and Mexico set to take effect on March 5, the mainstream stock market is reacting to potential economic fallout. Many might continue to rotate capital from risky assets without guaranteed insulation from these trade wars. Based on the regional economic uncertainty, investors need stability, and as a naturally volatile asset, bitcoin does not offer that in the short term.”
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