The decline in the crypto market, particularly affecting altcoins like Dogecoin and Cardano, is due in part to new tariffs announced by President Trump, raising rates up to 40%. Bitcoin briefly fell below 115,000 USD, reflecting traders’ uncertain sentiment.
The core PCE inflation indicator rose to 2.8%, dampening hopes for a Fed rate cut in September. This has contributed to a bearish sentiment, causing riskier assets to face declines, with significant drops seen in key cryptocurrencies including XRP and Solana.
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