Today's crypto market has taken a hit because of American trade tariffs against China and unpredictable economic figures.

The market fell because the Chinese goods import tariffs reached 145% while U.S. Consumer Price Index (CPI) data came in below forecasts at 2.4%.

Crypto market today took a hit because of American trade tariffs against China and unpredictable economic figures. The market fell by 3.2% over the past 24 hours and reached $2.69 trillion at the time of writing.

The Chinese goods import tariffs reached 145% while U.S. Consumer Price Index (CPI) data came in below forecasts at 2.4%. The latest market changes have created panic among investors and the Fear & Greed Index reached 25 which marks “extreme fear.”

Crypto Market Prices and Liquidations

Bitcoin is currently trading at $80,000 while Ethereum is trading at $1,500 at its current market rate. The 24-hour market capitalization reached $2.69 trillion and investors had $303.1 million worth of liquidations during this period.

The crypto market downturn did not impact all tokens equally as $ORCA, $CRV, #FARTCOIN, and $HYPE demonstrated strong price appreciation.

Key Regulatory Updates

Ex-President Donald Trump officially signed a bill to revoke the IRS crypto rule that originated from the Biden Administration era. Market participants found reassurance from the elimination of system regulations that affected the industry.

Nasdaq's securities filing at the U.S. Securities and Exchange Commission (SEC) seeks to introduce a spot ETF incorporating Avalanche token ($AVAX) which could enhance its market awareness. The SEC made it easier for blockchain communications firm Nova Labs by no longer pursuing unregistered securities claims against them.