Markets Jolt as Dogecoin Drops 9%, Cardano’s ADA and Solana Fall 6% on Tariff Anxiety

A rapid legal turnaround occurred as the U.S. Court of Appeals for the Federal Circuit temporarily halted a lower court’s decision that had nullified the Trump administration’s tariffs, allowing the duties to remain in place while the government appeals.

This development rattled crypto markets, with Dogecoin (DOGE) tumbling 9%, and Cardano’s ADA and Solana’s SOL each falling roughly 6% over the last 24 hours amid renewed concerns about escalating trade tensions.

The tariffs, introduced on April 2 and dubbed “Liberation Day” tariffs by former President Trump, broadly target many U.S. trading partners under the 1977 International Emergency Economic Powers Act.

Bitcoin (BTC) dipped below the $106,000 mark, and Ethereum (ETH) slipped under $2,700, reflecting market unease. The CoinDesk 20 index, tracking the largest 20 cryptocurrencies by market cap, lost 4%.

Nick Ruck, director at LVRG Research, noted in a Telegram message, “Bitcoin declined following the reinstatement of tariffs by the appeals court, coupled with disappointing Q1 GDP data.”

“Meanwhile, gold prices jumped as jobless claims rose and corporate earnings faltered. Although the Fed remains vigilant on inflation, we expect Bitcoin to rebound as investors seek safe-haven assets amid market volatility,” Ruck added.

Overall, crypto market capitalization remained steady at around $3.42 trillion, signaling cautious investor sentiment.

Alex Kuptsikevich, chief market analyst at FxPro, explained to CoinDesk, “Cryptocurrencies appear indifferent to positive stock market moves driven by tariffs and earnings reports rather than monetary policy changes.”

He added, “Bitcoin’s retreat from $110,000 to $107,000 represents a healthy market correction, easing previous overbought conditions.”