Today’s sharp crypto market drop follows the newly imposed tariffs by President Trump on Canada, Mexico, and China, which are expected to negatively impact GDP and global equities. Given crypto’s high beta, volatility is likely to remain elevated in the coming weeks.
These tariffs could lead to higher production costs, rising inflation, and economic uncertainty, with the Federal Reserve hesitant to cut borrowing costs under these conditions. Additionally, over $2 billion in futures liquidations have amplified the sell-off.
While a reversal is possible if trade agreements are reached, it appears unlikely for now. Caution remains key—stay off-risk and monitor developments closely.
Today’s sharp crypto market drop follows the newly imposed tariffs by President Trump on Canada, Mexico, and China, which are expected to negatively impact GDP and global equities. Given crypto’s high beta, volatility is likely to remain elevated in the coming weeks.
These tariffs could lead to higher production costs, rising inflation, and economic uncertainty, with the Federal Reserve hesitant to cut borrowing costs under these conditions. Additionally, over $2 billion in futures liquidations have amplified the sell-off.
While a reversal is possible if trade agreements are reached, it appears unlikely for now. Caution remains key—stay off-risk and monitor developments closely.
Earlier, crypto enthusiasts had created a self-described “meme app” dubbed “gm” app wherein users would greet each other with “gm” or “good morning” messages. However, in September 2021, the gm app was down after a hacker reportedly gained access to the user data. The group’s featured image is of a Pepe frog yelling, often referred to as the “REEEEEEE” meme. Pepe the Frog was created back in 2005 by Matt Furie and has since become an internet symbol for meme culture and “degen” culture. Over 33,000 people sent out over 1,000 doxxing messages in the group. Although the administrators tried to delete all of the messages, the posting speed was far too much for them to keep up. As the broader market downturn continues, yelling online has become the crypto trader’s latest coping mechanism after the rise of Goblintown Ethereum NFTs at the end of May and beginning of June, where holders made incoherent groaning sounds and role-played as urine-loving goblin creatures in late-night Twitter Spaces. ZDNET RECOMMENDS
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