Bitcoin Slumps Below $1,00,000 For First Time In Weeks, Ether Also Declines In Crypto Meltdown

As Donald Trump goes on a rampage with his promised tariff war against the major stakeholders, including its neighbours and closest trading partners, Mexico and Canada, along with its rival China.

Crypto Meltdown

Amid these developments, another major facet of the global economics of the 21st century, the realm of cryptocurrencies also appears to have been placated.

Only in this case, unlike the previous few months, the value of the major cryptos appears to have taken a hit.

The biggest name in the crypto world, Bitcoin, slumped in value, diminishing and dropping under the milestone mark of USD 1,00,000 for the first time in weeks.

Bitcoin

Bitcoin has suffered losses of 3.81 per cent just today, in fact, the value of the famed digital currency has declined by a colossal 9.45 per cent or USD 9,811.84 in the just the past 5 days or a week.

At the time of writing, the value of the cryptocurrency took a diminutive posture, shrinking to 93,964.16 for a US Dollar.  

Ether

Meanwhile, another major crypto coin, Ether or Ethereum also dropped in value. Here, the decline is even greater, as the value of the currency declined by 12.48 per cent just today.

In the past 5 trading days, the value of Ether has dropped by a cumulative 19.43 per cent or USD 605.39, bringing the overall value of the coin to USD 2,510.46.

Trump's Crypto-Friendly Image

This is a major development in the context of what it means for US president Donald Trump himself. If the trend of decline continues, then Trump's self-proclaimed claim and posturing of being the most crypto-friendly US president may take a dent.

Not just that, the Trump family's own meme-coins, $TRUMP and $MELANIA (coin drawing its value from US First Lady Melania Trump) are also at risk of losing their value. These meme coins have also lost their value in the recent trading session.