Donald Trump has been angered by Beijing's restrictions on rare-earth element exports. He has announced a 100 percent tariff on Chinese goods. This tariff will be imposed on all goods going from China to America from November 1. Immediately after Trump's announcement, various cryptocurrencies around the world crashed. The prices of multiple cryptocurrencies like Bitcoin and Ethereum have fallen.
A downtrend in Bitcoin began right after Trump's announcement. Bitcoin's price per unit fell by 8.40 percent to $1,11,841. Due to this decline, Bitcoin's market capitalization has decreased to $2.23 lakh crore. Bitcoin is the world's largest cryptocurrency. Since Donald Trump took the US presidency for the second time, Bitcoin's price had been rising continuously. This led to new records in Bitcoin's price this year. The cryptocurrency has taken quite a hit from that level.
Ethereum is the world's second-largest cryptocurrency. Right after Trump's announcement of imposing tariffs on Chinese goods, this crypto's price fell by 15.62 percent. Its price per unit has decreased to $3,792. Due to this decline, Ethereum's market capital has fallen by 13.81 percent to $456 billion.
Binance cryptocurrency's price has fallen by 6.6 percent to $1,094. Tether cryptocurrency's price has decreased by 0.1 percent to $1. XRP cryptocurrency's price has fallen by 22.85 percent to $2.33.
