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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.
- 18:42Approximately 18,000 ETs have been transferred from Wrapped Ether to an unknown walletWhale Alert monitoring shows that at 18:35 on February 2nd Singapore time, 18,018 ETH ($55,906,291) were transferred from Wrapped Ether to an unknown wallet.
- 18:38FIL fell below 4 US dollarsThe market shows that FIL has fallen below 4 dollars, currently reported at 3.99 dollars, with a 24-hour drop of 14.38%. The market fluctuation is quite large, please manage your risk well.
- 18:37ETH falls below 3000 dollarsThe market shows that ETH has fallen below 3000 US dollars, currently reported at 2997.62 US dollars, with a 24-hour drop of 8.2%. The market fluctuation is large, please manage your risk well.