Trump Tariffs, U.S. GDP Rattle Markets, ETFs Bleed $500M: Crypto Daybook Americas
The cryptocurrency market faced turbulence as President Trump's announcement of higher tariffs on imports, including pharmaceuticals and trucks, spooked investors. The CoinDesk 20 Index dropped 5%, while market leaders like Bitcoin and Ethereum fell nearly 2%. The downturn was compounded by a stronger dollar influenced by U.S. GDP and jobless claims data. Analysts noted significant outflows from Bitcoin and Ethereum ETFs, totaling $258 million and $251 million respectively, marking four consecutive days of outflows for Ethereum funds. Additionally, major investors or 'whales' have sold off 147,000 BTC since late August, raising concerns about market stability. Regulatory developments surrounding digital asset treasuries, particularly as U.S. regulators scrutinize unusual trading volumes, may also heighten market volatility. As traders eye economic indicators, a softer-than-expected inflation report could stabilize the crypto market. Upcoming events include crucial economic reports and governance votes affecting various cryptocurrencies.
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