The cryptocurrency market is experiencing a significant downturn as investors react to escalating tensions between the US and China. The latest trade war measures, including substantial tariff increases by President Trump, have sent ripples through global markets, leading to losses across the crypto sector. Bitcoin (BTC), for instance, fell below $76,000 in early trading before recovering slightly. Analysts warn of a potential decline towards the $70,000-$75,000 range if trade tensions worsen further. Ether (ETH) suffered a steeper drop, losing 10% on Wednesday. Other major cryptocurrencies like XRP, Dogecoin (DOGE), Binance’s BNB, Solana (SOL), and Cardano (ADA) are also experiencing substantial declines, with the total crypto market cap down 6%. Smaller tokens and memecoins fared even worse, with some suffering losses exceeding 20%, including Berachain’s BERA token and popular meme assets like Bonk (BONK), Pepe (PEPE), and Floki (FLOKI). The sell-off reversed gains from Tuesday’s relief rally as investors reacted to rising trade fears. Trump’s new tariffs, which take effect today, include a significant increase in Chinese import duties and new tariffs on over 60 trading partners, raising concerns about the potential for prolonged global economic instability. This information is not financial advice.