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Dogecoin Dives 9%; Cardano’s ADA, SOL Slump 6% as Renewed Tariff Fears Jolt Markets
A fast-moving legal reversal saw the U.S. Court of Appeals for the Federal Circuit issue a temporary stay on Wednesday’s lower court ruling that had struck down the tariffs.
May 30, 2025, 8:14 a.m.
What to know:
- Dogecoin, Cardano's ADA, and Solana's SOL fell sharply as Trump’s tariffs reignited trade tensions.
- A U.S. appeals court temporarily reinstated the tariffs, allowing them to remain while the government appeals.
- Bitcoin and ether prices dropped amid the uncertainty, while gold surged as jobless claims increased.
Dogecoin nosedived 9%, while Cardano’s ADA and Solana’s SOL each fell 6% in the past 24 hours as Trump’s reinstated tariffs reignited trade tensions.
A swift legal reversal saw the U.S. Court of Appeals for the Federal Circuit issue a temporary stay on Wednesday’s lower court ruling that had struck down the tariffs, allowing them to remain in place while the government appeals.
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The tariffs, announced on April 2 and dubbed “Liberation Day” duties by Trump, target nearly all U.S. trading partners and were imposed under the 1977 International Emergency Economic Powers Act.
Bitcoin slid below $106,000 while ether lost the $2,700 mark amid the renewed uncertainty. The broad-based CoinDesk 20 (CD20), a liquid index tracking the largest tokens by market capitalization, fell 4%.
“The price of Bitcoin fell after Trump’s tariffs were reinstated by an appeals court, while U.S. GDP figures showed the economy shrank in the first quarter,” said Nick Ruck, director at LVRG Research, in a Telegram message.
“Gold surged higher as jobless claims increased and corporate profits fell. Although the Fed continues to see inflation as a threat, we’re optimistic that Bitcoin will rebound as investors look for long-term value holds during volatile market fluctuations,” Ruck added.
Market sentiment appeared cautious, with the total crypto market capitalization flat at $3.42 trillion.
“Cryptocurrencies prefer not to notice positive stock market movements as they are related to tariffs and company reports, not money supply,” noted Alex Kuptsikevich, chief market analyst at FxPro, in an email to CoinDesk.
“Bitcoin retreated from the trading range’s upper boundary at $110k to its lower boundary at $107K. This rest at previous highs effectively removes the local overheating of the market.”
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Japan’s Higher Rates Puts Bitcoin in the Crosshairs of a Yen Carry Unwind
A stronger yen typically coincides with de-risking across macro portfolios, and that dynamic could tighten liquidity conditions that recently helped bitcoin rebound from November’s lows.
What to know:
- The Bank of Japan is expected to raise interest rates to 0.75% at its December meeting, the highest since 1995, affecting global markets including cryptocurrencies.
- A stronger yen could lead to de-risking in macro portfolios, impacting liquidity conditions that have supported bitcoin's recent recovery.
- Governor Kazuo Ueda indicated a high probability of a rate hike, with officials prepared for further tightening if their economic outlook supports it.
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