TrumpCoin cryptocurrency, launched alongside the former president's re-election campaign, has experienced a significant decline in value following Donald Trump's imposition of tariffs on Mexico and Canada. The coin, which initially saw a surge in price, has now fallen by 15% to $17. Experts suggest the market volatility is driven by concerns about a potential trade war and the impact on global economic conditions. The altcoin market, known for its susceptibility to sentiment shifts, is also experiencing a downturn.
TrumpCoin cryptocurrency price on Binance website is displayed for illustration photo. Krakow, Poland on Januar 20th, 2025 , was last down 15% to $17, according to CoinGecko. It rallied to a high of about $73 dollars the weekend of its launch before crashing 50% on inauguration day.Sign up for NBC New York's News Headlines newsletter.from Mexico and Canada, as well as a 10% duty on China. The U.S. does about $1.6 trillion in business with the three countries.
"Every coin that recently rallied through January, including memes like , have essentially handed back most of their gains," said James Davies, CEO and co-founder at trading platform Crypto Valley Exchange."Crypto is fundamentally about freedom to make and conduct trades, which runs counter to the global political narrative of the last week," he added.
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