Ether and Altcoins Plunge Over 20% Amid Trump's Tariff Impact

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As per CoinTelegraph, Ether and several altcoins, including Cardano, Avalanche, XRP, Chainlink, and Dogecoin, experienced significant declines, dropping over 20% in the past 23 hours. This downturn followed the imposition of tariffs by US President Donald Trump on imports from China, Canada, and Mexico. Ether, the second-largest cryptocurrency by market capitalization, fell 16% in a single hour to $2,368 on February 3, before recovering slightly to $2,521. The overall crypto market cap decreased by 11.4% to $3.17 trillion, according to CoinGecko data. Markus Thielen, founder of 10x Research, noted that the sharp drop in altcoins was due to stop-loss triggers and a lack of retail investor interest. The market's reaction to the tariffs was not fully anticipated, as investors were focused on other news. The Crypto Fear & Greed Index also fell into the 'Fear' zone, reflecting market sentiment.

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