Cardano and Solana prices traded in red on Monday, extending their downward trend from the previous week where they fell over 15%. This decline comes amid the implementation of tariffs by US President Donald Trump on major trading partners, which began on Saturday. The tariffs have created selling pressure across the crypto market, although it remains within striking distance of its all-time peak. Concerns about the potential economic fallout from these trade tariffs continue to loom over investors.
President Trump’s latest tariff announcements targeted imports from Canada, Mexico, and China. These measures have inadvertently boosted the US Dollar, which is weighing heavily on the GBP/USD pair. The GBP/USD is trading near 1.2300 and has maintained an offered tone for the fifth consecutive session. This reflects a broader negative shift in the risk mood that has increased demand for the US Dollar as a safe haven.
Meanwhile, the EUR/USD pair is also under significant bearish pressure, trading near 1.0250 in European markets on Monday. The heightened concerns around trade have further amplified market volatility, driving investors towards safer assets.
On a different note, the gold price has shown resilience, recovering a major portion of its intraday losses and climbing closer to the $2,800 mark. This recovery signifies a strong demand for gold amidst global economic uncertainties.
The author and FXStreet emphasize that they are not registered investment advisors and that this article is not intended to serve as investment advice. Investors are urged to exercise caution and conduct thorough research before making any financial decisions.