The recent imposition of tariffs by the U.S. on Canada and Mexico has sparked concerns of a global trade war. As a result, major cryptocurrencies, including XRP, dogecoin, and Cardano's ADA, have slumped by over 25% in the past 24 hours, erasing all gains made since December. Overall market capitalization has fallen by 12%, the largest drop in over a year. The futures markets have also shown losses, with traders of ether-tracked products losing over $600 million in the past day. Total liquidations have crossed $2.2 billion, the highest level this year. The market correction is a result of the trade war, which threatens to disrupt trade relations and potentially lead to an economic slowdown.



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