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The crypto market has dipped in response to President Trump’s plan to enact steep tariffs on imported goods from Canada, Mexico, and China beginning on Tuesday.Canada and Mexico have ordered retaliatory tariffs in response, while China promised “corresponding countermeasures” and said it would file a lawsuit with the WTO.Memecoins were particularly hard-hit by the downturn, with many top coins seeing double-digit percentage drops. Trump’s memecoin has fallen nearly 30% over the past week.
Why has utility become such a losing bet?
President Trump on Saturday signed an executive order imposing 25% tariffs on imports from Canada and Mexico, with a 10% tariff on Canadian energy and oil, and an additional 10% tariff on China.The implementation of the tariffs was delayed to Tuesday at 12:01 am.Mexico’s President Sheinbaum announced the country would implement both tariff and non-tariff retaliatory measures, while Canadian PM Trudeau said Saturday night Canada would implement 25% tariffs on a swath of American goods in response.
- 22:40The current Bitcoin holdings of El Salvador are 6,056.18 coinsMempool data shows that El Salvador currently holds 6,056.18 BTC, equivalent to approximately 586 million US dollars.
- 22:36The market value of BlackRock IBIT's holdings exceeds 61 billion US dollarsOfficial data from BlackRock shows that as of January 30, the market value of IBIT's holdings reached $61,120,106,337.95 USD, with a holding volume reaching 579,303.56 BTC.
- 22:09The circulating supply of cbBTC exceeds 21,000 coinsDune data shows that the circulating supply of cbBTC has reached 21,335, with 22.5% on the Ethereum chain and 72.7% on the Base chain. The current market value of cbBTC has exceeded 2 billion US dollars ($2,068,712,240).