Crypto crash: Why are Bitcoin, XRP, DOGE, and TRUMP prices plunging today?
Concerns over tariffs and the recent breach of a crypto exchange may be fueling a decline not seen since President Trump’s election victory in November.
Investors in cryptocurrencies are seeing red today. In the past 24 hours, the prices of most major cryptocurrencies and meme coins have plummeted. This includes crypto heavyweights like Bitcoin, Ethereum, and XRP as well as popular meme coins like Dogecoin (DOGE) and TRUMP. Here’s what to know about the biggest losers and possible reasons behind the crash.
Bitcoin drops below $90K for the first time since November
Unsurprisingly, the crypto that is getting the most headlines today is Bitcoin, which as of the time of this writing currently sits at around $89,000 per coin. That’s a 7% drop in the last 24 hours alone. It also represents of few other ignominious milestones for the cryptocurrency king as of late.
First, today’s decline marks the first time that Bitcoin has fallen below $90,000 since November 2024, after Donald Trump’s election victory sparked a crypto rally. Second, Bitcoin is now also down 20% since another important Trump marker: his inauguration day on January 20.
On Trump’s inauguration day, Bitcoin had hit an all-time high of over $106,000. The postelection victory and post-inauguration gains were largely fueled by the belief that a Trump presidency would be good for the crypto markets in general.
But it’s not just Bitcoin that is plummeting today. Other cryptocurrencies are as well. Those include (as of the time of this writing):
Ethereum, which is down almost 10% in the past 24 hours (and down over 27% in the past month).
XRP, which is down over 12% in the past 24 hours (and down over 31% in the past month)
Solana, which is down almost 12% in the past 24 hours (and down over 46% in the past month)
Dogecoin, which is down almost 11% in the past 24 hours (and down over 42% in the past month)
Official Trump, which is down almost 14% in the past 24 hours (and down over 56% in the past month)
But what exactly is causing today’s crypto crash? While the digital assets do tend to be highly volatile anyway, the general consensus among crypto industry watchers is that two main events could be contributing to the plunge.
