Crypto Market Drops as US Court Overturns Trump's Trade Tariffs: Bitcoin, XRP, and SOL Latest Performance

Cryptocurrency Market Faces Third Day Loss After U.S. Court Rejects Trump’s Trade Tariffs

The global cryptocurrency market has traded negative for the third consecutive day driven by the recent ruling of the U.S. Court of International Trade against the sweeping trade tariffs proposed by former President Donald Trump. This surprising court decision has caused widespread investor uncertainty, adding turbulence to an already volatile trading environment.

The Court Ruling That Sparked Investor Uncertainty

In a significant development, the Court of International Trade ruled that Trump overstepped the limit of his authority conferred by the International Emergency Economic Powers Act when he imposed the import tariffs. This unexpected legal snafu has caused the U.S. administration to appeal the decision, subsequently stirring up a hornet’s nest of investor anxiety and speculation.

Bitcoin Slips Below Key Price Point

In the midst of this unfavourable climate, the king of cryptocurrencies, Bitcoin, has witnessed a 0.3% price decline over the past 24 hours. This downward shift saw the popular digital currency break a significant threshold as prices slipped below the $107,000 mark.

Mixed Results For Other Major Cryptocurrencies

While Bitcoin struggled to hold onto its value, the market tossed up mixed results for other major players. XRP witnessed a moderate enhancement in its fortunes, gaining 0.6% during the same period. In contrast, SOL saw a decline, with its value dropping by 1.5%. Furthermore, ETH, the second largest cryptocurrency by market capitalization, remained unchanged within the day’s trades, despite experiencing an overnight spike to reach a high of $2,780.

Negative Trend in Crypto Market Capitalization

The overall market capitalization of the global cryptocurrency market also took a hit, going down 2.3% to reach $3.5 trillion, casting a starkly negative picture for the crypto market segment.

Top 100 Digital Assets Show Varied Performance

Amidst this choppy market scenario, the performance of the top 100 digital assets offered a glimmer of optimism. Memecoin SPX6900 (SPX), for instance, managed to outshine in the dim light, recording a gain of 9%, making it the best performer of the day. However, other digital assets such as Hyperliquid (HYPE) and Jupiter (JUP) seemed to struggle in the challenging market conditions, dropping by 7% and 6%, respectively.

Leveraged Traders Liquidated, Causing Massive Losses

Adding to the grim picture, the past 24 hours have been tumultuous for leveraged traders. A staggering total of 98,000 of them faced liquidation, resulting in losses totalling up to $335 million. The leading loss-makers were Ether and Bitcoin, accounting for $111 million and $92 million of the overall liquidated amount, respectively. Influence from both domestic and international news sends waves of uncertainty rippling across the cryptocurrency market regularly. This volatile market displays just how sensitive cryptocurrency prices are to real-world events and decisions, especially those taken by influential world economies like the U.S. As much as crypto traders look forward to riding the highs, they must always be ready to navigate through potentially stormy weathers.