The crypto market is bleeding again. Bitcoin has dipped nearly 9% over the past week, dragging down major altcoins with it. But the real shock comes from Dogecoin, XRP, and Cardano, each plummeting around 26% in just seven days.
XRP Takes a Hard Hit
XRP has dropped to $2.33, down from over $3 after hitting a seven-year high earlier this month. A 26% weekly loss stings, and the damage didn’t stop there. On Tuesday, technical issues on the XRP Ledger added fuel to the fire, shaking investor confidence. As of now, XRP is down an additional 3% for the day.
Dogecoin’s Wild Ride Continues
Dogecoin, the king of meme coins, hasn’t been spared. It tumbled from $0.34 to $0.248 in a week, marking a 26% loss. Known for its extreme volatility, DOGE has seen wild price swings, and this recent dip is another chapter in its rollercoaster journey.
Cardano Suffers the Steepest Decline
Cardano (ADA) holds the title for the steepest fall among the top cryptos. It nosedived nearly 27% from $0.98 to $0.71. The drop is even more dramatic considering ADA’s post-election rally, where it soared from $0.33 on Election Day to $1.23 in early December. Those gains have now evaporated, with ADA briefly dipping as low as $0.60 earlier this week.
What’s Behind the Market Meltdown?
The culprit? President Donald Trump’s trade war. His administration’s decision to impose 10% tariffs on Chinese goods rattled global markets. China hit back with retaliatory tariffs and launched an antitrust probe into U.S. tech giant Google. Though Trump paused tariffs against Canada and Mexico for negotiations, the damage was done.
This geopolitical tension has sent shockwaves through the crypto space. Bitcoin fell to $96,280, down about 1% for the day. Ethereum fared worse, dropping 18% over the week to $2,700. Solana took a 21% hit, sliding to $190.
The Road Ahead
The crypto market thrives on confidence, and right now, that’s in short supply. With ongoing trade tensions and technical hiccups, recovery may take time. Investors should brace for more volatility as the global economic landscape continues to shift.
