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The weekend prior to this infamous day saw the announcement of significant economic moves by former President Donald Trump. He initiated a 25% tariff on goods between Mexico and Canada, stirring fears of broader economic implications. This news fueled a frenzied response from traders in the cryptocurrency market, known for its volatile nature and 24/7 trading model. Unlike traditional markets, which pause for weekends and holidays, crypto operates around the clock, allowing any significant news to impact trade almost immediately.
Despite the initial reaction tied to the tariff announcements, experts began to caution that there was more to the story, suggesting that the tariff news might not be the sole reason driving this significant drop in crypto values.