The crypto market saw a sharp pullback over the weekend after U.S. President Donald Trump proposed a sweeping 50% general tariff on goods from the European Union, triggering a wave of investor anxiety and wiping over $100 billion from the digital asset space.
Bitcoin Drops Below $107K After Tariff Remarks
Bitcoin, which had a standout week marked by multiple rallies and new all-time highs, took a sudden downturn following Trump’s announcement. The leading cryptocurrency had surged past its previous record of $109,100 to briefly touch $112,000 on Pizza Day, but the bullish momentum quickly faded.
By Friday, BTC was hovering near $111,000—until Trump’s June 1 tariff proposal sent markets into a tailspin. Within minutes, Bitcoin plunged below $107,000, though it has since recovered slightly to trade above $108,000, still down over 2% on the day. Its market cap has dropped to $2.15 trillion, and dominance over the altcoin market stands firm at 61%, according to CoinGecko.
Altcoins Bleed as Market Sentiment Turns Risk-Off
The sell-off wasn’t limited to Bitcoin. Altcoins posted sharp losses, with major assets like Ethereum (ETH) falling over 5% to $2,550, and XRP sliding to just above $2.30 after a 4.4% decline. Other notable losers include DOGE, ADA, SUI, SHIB, LINK, and AVAX, all of which dropped by as much as 10%.
Smaller-cap tokens suffered even deeper cuts. Coins like ENA, WIF, TIA, S, IP, and PEPE were hit with double-digit losses, reflecting the growing unease across crypto markets.
In total, the global crypto market cap fell by more than $100 billion, now sitting at $3.53 trillion, per CoinGecko data.
