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Initially, several factors were thought to contribute to the recent decline in the crypto market. Among these were President Trump's tariffs—25% on Mexico, 25% on Canada, and a 10% tariff on China—that appeared to create ripples throughout various sectors, including crypto. However, Elliot suggested that a more impactful influence could be linked to the Federal Reserve's stance and the destructive effects of deep-seek investment strategies, which have shaken the very foundations of the industry.