Crypto Chaos: Tariffs, Tumbles, and a Touch of Humor! 😂

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What to know:

  • Oh, the drama! Dogecoin, Cardano‘s ADA, and Solana’s SOL took a nosedive as Trump’s tariffs stirred the pot of trade tensions. 🍵
  • In a plot twist worthy of a soap opera, a U.S. appeals court decided to keep the tariffs alive while the government plays its legal game of chess.
  • Meanwhile, Bitcoin and ether prices took a hit, while gold decided to shine brighter as jobless claims crept up. Talk about a mixed bag! 💰

In the past 24 hours, Dogecoin

plummeted 9%, while Cardano’s ADA and Solana’s SOL each fell 6%. It seems Trump’s tariffs have a knack for causing chaos! 🎢

In a swift legal maneuver, the U.S. Court of Appeals for the Federal Circuit issued a temporary stay on Wednesday’s lower court ruling that had struck down the tariffs. So, the tariffs are back, folks! Grab your popcorn! 🍿

These tariffs, announced on April 2 and cheekily dubbed “Liberation Day” duties by Trump, target nearly all U.S. trading partners and were imposed under the 1977 International Emergency Economic Powers Act. Because why not throw in a little drama from the ’70s?

Bitcoin

slid below $106,000, while ether lost the $2,700 mark amid the renewed uncertainty. The broad-based CoinDesk 20 (CD20), a liquid index tracking the largest tokens by market capitalization, fell 4%. It’s like watching a slow-motion train wreck! 🚂💥

“The price of Bitcoin fell after Trump’s tariffs were reinstated by an appeals court, while U.S. GDP figures showed the economy shrank in the first quarter,” said Nick Ruck, director at LVRG Research, in a Telegram message. Sounds like a party, right?

“Gold surged higher as jobless claims increased and corporate profits fell. Although the Fed continues to see inflation as a threat, we’re optimistic that Bitcoin will rebound as investors look for long-term value holds during volatile market fluctuations,” Ruck added. Optimism is key, folks! 🌈

Market sentiment appeared cautious, with the total crypto market capitalization flat at $3.42 trillion. Just another day in paradise! 🏝️

“Cryptocurrencies prefer not to notice positive stock market movements as they are related to tariffs and company reports, not money supply,” noted Alex Kuptsikevich, chief market analyst at FxPro, in an email to CoinDesk. Because who needs good news, right?

“Bitcoin retreated from the trading range’s upper boundary at $110k to its lower boundary at $107K. This rest at previous highs effectively removes the local overheating of the market.” Sounds like Bitcoin is taking a little nap! 😴

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2025-05-30 12:02