Crypto News: Bitcoin Dips Below $100,000; Memecoins Plummet Amid U.S. Tariff Announcement

The cryptocurrency market experienced a significant downturn as President Donald Trump announced plans to impose steep tariffs on imports from Canada, Mexico, and China, causing Bitcoin to fall below the $100,000 threshold and memecoins to suffer severe losses.Impact of U.S. Tariffs on Cryptocurrency MarketsStarting Tuesday, the U.S. will implement a 25% tariff on imported goods from Canada and Mexico and a 10% tariff on energy and other goods from China. This decision has prompted retaliatory measures from the affected countries and a promise from China to challenge the tariffs at the World Trade Organization.Severe Blow to MemecoinsMemecoins, known for their volatility and sensitivity to market sentiments, were hit particularly hard. The Block’s GMCI Solana Memes index, which includes popular coins like Dogwifhat and Bonk, reported a 13% decline in the last 24 hours and a 30% drop over the past week. Trump’s own branded memecoin plummeted nearly 30%, while Melania’s memecoin dropped about 38% in the same period.Broader Market ReactionThe broader crypto market also felt the impact, with major indices showing significant declines. The Block's GMCI 30 index of the top 30 tokens by market cap saw a 7.15% fall, faring slightly better than most indices which faced double-digit losses. Bitcoin, the leading cryptocurrency, retreated below the $100,000 mark in response to the market's negative sentiment.