Donald Trump‘s new tariff system is causing turmoil in global markets, especially in the cryptocurrency sector. In the early hours in Asia, Bitcoin (BTC) and Ethereum (ETH) saw significant drops, with BTC falling over 6% and ETH plummeting more than 20%. In just 24 hours, the crypto market experienced over $2.2 billion in liquidations, leading to a total market cap decline of more than 11%.
The impact of Trump’s tariffs has also affected his family’s investment firm, World Liberty Financial (WLF). WLF had invested in several well-known cryptocurrencies, including Ether, wrapped Bitcoin, and Aave.
On the day Trump was inaugurated as the 47th president, WLF invested an additional $112.8 million in crypto. Their total holdings included 54 million USDC, 456.7 wrapped BTC, and 19,399 AAVE, among others. However, with the market downturn, WLF’s crypto portfolio has lost over $50 million.
According to Spot On Chain, an analytics platform, WLF’s crypto investments, totaling $242.77 million, dropped by 21%, resulting in a loss of $51.7 million. The most significant losses came from Ether, which fell by 24.4%; wrapped BTC, down 12.1%; and Ethena, which dropped by 43.7%.
Trump’s tariff system has not only hurt the crypto market but has also led to substantial losses for his own investment firm.
