The cryptocurrency market has been hit hard in the past 23 hours, with major coins such as Ether, Cardano, Avalanche, XRP, Chainlink, and Dogecoin all experiencing a significant drop of over 20%. This sudden decline comes after US President Donald Trump announced the implementation of his first round of tariffs, causing a ripple effect throughout the global economy.

The news of these tariffs has sent shockwaves through the financial world, with many investors and traders scrambling to adjust their portfolios. The uncertainty and volatility in the market have led to a widespread sell-off, resulting in the sharp decline of various cryptocurrencies.

Ether, the second-largest cryptocurrency by market capitalization, saw a drop of over 20%, falling from its recent high of $4,000 to just above $3,000. Similarly, other major coins like Cardano, Avalanche, XRP, Chainlink, and Dogecoin also experienced significant losses, with some dropping even further.

This sudden market downturn serves as a reminder of the interconnectedness of the global economy and how external factors can have a significant impact on the cryptocurrency market. While the exact reasons for the decline are still unclear, it is evident that the news of the tariffs has caused a wave of panic and uncertainty among investors.

Despite the current market conditions, many experts remain optimistic about the long-term potential of cryptocurrencies. They believe that this dip presents an excellent buying opportunity for those looking to enter the market or add to their existing positions.

As always, it is essential to approach cryptocurrency investments with caution and do thorough research before making any decisions. While the market may be experiencing a downturn now, it is crucial to remember that it is a highly volatile and ever-changing landscape. Only time will tell how the market will react to these tariffs and what the future holds for cryptocurrencies.