|

XRP, DOGE plunge 10% as fresh Trump tariffs hit China markets

XRP and Dogecoin (DOGE) plunged over 10% to lead losses among crypto major as confirmation of fresh U.S. tariffs on China hit Asian markets on Friday, adding to an already tumultuous week for cryptocurrencies.

Bitcoin (BTC) dropped 7% to near $79,000 for the first time since November, down nearly 30% since its January peak of above $108,000. Ether (ETH), Cardano’s ADA and BNB Chain’s BNB showed similar woes with a slide of at least 9%.

Overall market capitalization fell 8% to $2.7 trillion, reversing all advances since U.S. President Donald Trump was elected in early November. The broad-based CoinDesk 20 (CD20) dropped nearly 9%.

A solid earnings from Nvidia on Wednesday was not enough to offset the onsetting market gloom as global equities faltered on a combination of renewed tariff concerns, a slowing economy and overstretched positioning, which has naturally spilled over to crypto given BTC's high correlation with the S&P 500 index, traders say.

“On a YTD basis, ex-BTC tokens and trading sentiment have struggled mightily with liquidity being depleted from the numerous memecoin runs, and BTC also buckled from the weight of ETF selling, which hit a record high last week,” Augustine Fan, head of insights at SignalPlus, told CoinDesk in a Telegram message.

Friday’s losses in crypto markets mirrored those of Chinese stocks, which slumped after Trump announced a new 10% tariff on Chinese imports. This added to worries about a growing trade war between the U.S. and China, the world’s two largest economies.

The new tariff adds to an existing 10% tax on Chinese goods that started earlier this month. This could hurt China’s economy, which faces a property crisis and falling prices. It might also stop a stock market rise fueled by China’s AI advances — led by ChatGPT rival DeepSeek.

The move comes ahead of China’s big annual meeting, the National People’s Congress, starting next week, where leaders are expected to share economic plans and growth goals.

A decision of China to spend more or encourage buying to boost the economy could impact Bitcoin and crypto prices and serve as a market catalyst — making it a key data point to watch for next week.

However, the mood remains bearish among some Bitcoin traders until then.

“Bullish option speculators are throwing in the towel as well, with volatility coming lower against a lower spot price as calls are being dumped in favour of puts,” SignalPlus’ Fan said.

“Finally, concerns over MSTR (-10%) are adding an extra element of risk to BTC, given their convertible funded buying, putting bearish sentiment at a near-term extreme on many technical indicators.”

Author

CoinDesk Analysis Team

CoinDesk is the media platform for the next generation of investors exploring how cryptocurrencies and digital assets are contributing to the evolution of the global financial system.

More from CoinDesk Analysis Team
Share:

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

By subscribing you agree to our Terms and conditions.

Editor's Picks

Meme Coins Price Prediction: Dogecoin, Shiba Inu, Pepe rally on Venezuela’s shadow BTC reserve

Meme coins such as Dogecoin, Shiba Inu, and Pepe are leading the cryptocurrency market rally driven by the US cross-border operation to capture Venezuelan President Nicolás Maduro. Dogecoin extends its gain for the fifth consecutive day while SHIB and PEPE take a pause.

Cardano Price Forecast: ADA breaks above falling wedge, upside constrained by geopolitical risks

Cardano (ADA) steadies above $0.40 at the time of writing on Monday after a decisive close above the falling wedge pattern in the previous week. The derivatives market supports improving sentiment, with ADA’s Open Interest rising and long bets increasing among market participants.

Top 3 Price Prediction: Bitcoin, Ethereum, Ripple – Bulls firmly in control as BTC breaks $93K, ETH and XRP extend gains

Bitcoin, Ethereum, and Ripple extended their rallies on Monday, gaining more than 4%, 6%, and 12%, respectively, in the previous week. The top three cryptocurrencies by market capitalization could continue to outperform, with bulls in control of the momentum.

Top Crypto Gainers: Brett, Bonk, Dogwifhat – Meme coins rally amid US-Venezuela tensions

Meme coins, including Brett (BRETT), Bonk (BONK), and Dogwifhat (WIF), lead the crypto market rally with double-digit gains over the last 24 hours following the US capture of Venezuelan President Nicolás Maduro on Saturday. Technically, meme coins could extend gains as bulls maintain firm control.

Orange Juice Newsletter – Smart insights by real people. Every day.

A free newsletter highlighting key market trends to help traders stay a step ahead. Daily insights on the most relevant trading topics, compiled by our experts in an easy-to-read format so you never miss an important move.

Bitcoin: Fed delivers, yet fails to impress BTC traders

Bitcoin (BTC) continues de trade within the recent consolidation phase, hovering around $92,000 at the time of writing on Friday, as investors digest the Federal Reserve’s (Fed) cautious December rate cut and its implications for risk assets.