Crypto Crash: Here’s Why Altcoins are Going Down Today
A crypto crash is happening, with most altcoins being in the red. Some of the top laggards were altcoins like Fartcoin, Moo Deng, Popcat, Pudgy Penguins, and Neiro, which plunged by over 10%.
This Crypto Crash Explained
Bitcoin and most altcoins are going down as investors remain concerned about Donald Trump’s tariffs. In a statement, he imposed new tariffs on countries such as Japan, South Korea, Bangladesh, and Indonesia. These countries will be charged a levy of over 25% starting from August.
The tariff announcement sparked a sense of fear among investors, which drove the US dollar index (DXY) higher and the US stock market lower. For example, the Dow Jones Index dropped by 422 points,…
