Amid the significant turmoil in the virtual asset market due to U.S. President Donald Trump's tariff policy, the virtual asset Ripple, which is beloved in South Korea, is recording an unprecedented drop.
As of 2:50 p.m. on the 7th, according to global virtual asset market site CoinMarketCap, Ripple is trading at $1.75, down 17.45% from the previous day. This marks the largest drop among virtual assets in the top 10 by market capitalization. Due to the impact of the tariff policy, all major virtual assets are showing significant declines, with the leading virtual asset Bitcoin trading at $76,804, down 7.94% from the previous day at the same time.
Ethereum, the second-largest by market capitalization, and Solana, which soared recently due to the influence of President Trump, have both seen declines exceeding 15%. On this day, Ethereum is at $1,537, and Solana is at $101.3, down 15.1% and 15.62% from the previous day, respectively. Additionally, Dogecoin and Cardano have also shown declines close to 16%, causing panic among virtual asset investors.
The day's crash is being interpreted by the market as a fallout from President Trump's tariff issues. Until early last month, Bitcoin's price had maintained the $88,000 level, but after President Trump announced the mutual tariff policy, the virtual asset market began to show weakness across the board. Subsequently, on the 2nd, President Trump signed an executive order imposing a basic tariff of 10% and mutual tariffs of up to 50%. The basic tariff of 10% imposed on all countries took effect on the 5th, and starting on the 9th, a mutual tariff with differentiated individual tariffs will be imposed by country.
The virtual asset industry is also reportedly struggling to conceal its embarrassment. They had expected to benefit from President Trump's pro-virtual asset stance; although Bitcoin reached record highs after his election, they did not anticipate such a rapid decline. However, since President Trump's inauguration, discussions on regulatory systemization and strategic asset inclusion, such as changes to accounting standards and related legislation, have been taking place in the virtual asset industry.