Altcoins plunged along with other risk-on assets Friday amid a sagging GDP report, and after a U.S. appeals court reinstated U.S. President Donald Trump’s harsh trade tariffs, rekindling fears of a lengthy trade war that could send prices higher and the global economy spiraling.
Popular meme coins Dogecoin and Shiba Inu were recently off 11% and 9%, respectively, with Solana and Cardano both down about 6% and XRP dipping roughly 5%.
The ruling by the U.S. Court of Appeals for the Federal Circuit temporarily suspended a decision by a lower court earlier this week that said the Trump administration had overreached. Tariffs have buffeted markets in recent months, alternatively sending digital assets higher on hopes the administration would ratchet back the policy or lower as it moved forward.
Bitcoin and Ethereum fell more moderately on Friday, with BTC trading at approximately $104,200, down 2.5% over the past 24 hours, and ETH changing hands at $2,550, a 3.6% drop. Equity markets also sank, with the tech-heavy Nasdaq off 1.5%.
Bitcoin dominance rose to 64.1% amid the altcoin swoon. Analysts were wary about its immediate prospects, though, with BRN Lead Research Analyst Valentin Fournier writing in a Friday market note to “expect further short-term weakness” and a “temporary drop toward the $100K level” before rising to potential new heights.
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