Cardano and Solana experienced a turbulent start to the week, with both cryptocurrencies trading in the red on Monday. Prices for these digital assets fell over 15% in the previous week, highlighting the recent volatility in the crypto market. This downturn comes on the heels of US President Donald Trump's announcement on Saturday regarding the implementation of tariffs on major trading partners, including China, Canada, and Mexico.
The tariffs have exerted significant selling pressure on the crypto market, contributing to the decline in prices. The broader financial markets were not immune to these tensions. The EUR/USD pair came under heavy bearish pressure, declining toward 1.0200 as the US Dollar gathered strength following the tariff announcements. The perceived negative shift in the risk mood further bolstered the dollar, impacting a range of financial instruments.
In currency markets, the GBP/USD continued its downward trajectory for the fifth consecutive session, trading below 1.2300. The persistent decline underscores ongoing uncertainties and challenges in global trade dynamics. Meanwhile, gold, which had recently achieved a record-high price above $2,810 on Friday, pulled back to trade below $2,790 early Monday. The strengthening US Dollar dragged XAU/USD lower after Trump's tariff announcements.
The ripple effects of these economic measures are being felt across various sectors, emphasizing the interconnected nature of today's financial landscape. Investors and market participants continue to navigate these developments with caution, as the implications of such policy decisions unfold.
It is important to note that neither the author nor FXStreet are registered investment advisors. This article does not serve as investment advice but rather as an objective report on current market conditions.