The global cryptocurrency market experienced a significant downturn on Wednesday, with the total market capitalization decreasing by 5.46% to reach $2.63 trillion. This sharp decline follows U.S. President Donald Trump’s announcement of new tariffs on trading partners worldwide, which sparked concerns about global economic stability and triggered a broad sell-off among major cryptocurrencies.

Leading the downturn was Bitcoin (BTC), which fell 5.39% in the past 24 hours to $82,274.70. Over the past week, BTC experienced a 5.67% decline.

Among the top altcoins, Ethereum (ETH) also saw a substantial decrease, dropping 6.04% to reach $1,787.79. XRP followed suit, slipping 7.76% to $2.00, while Binance Coin (BNB) experienced a smaller decline of 2.94%, now trading at $588.96.

Stablecoins, such as Tether (USDT) and USD Coin (USDC), remained relatively stable with minimal price changes.

Among the major altcoins, Cardano (ADA) struggled the most, facing a 9.25% loss to reach $0.6315. Solana (SOL), Dogecoin (DOGE), Toncoin (TON), Chainlink (LINK), Polkadot (DOT), Avalanche (AVAX), Shiba Inu (SHIB), and Hedera (HBAR) also experienced declines, ranging from 4.83% to 11.18%.

The market's Fear & Greed Index now stands at 24, indicating extreme fear among investors. This reaction follows the U.S. administration's decision to impose tariffs on trading partners, a move that could have far-reaching consequences for the global economy. As global markets are under pressure, the focus will be on how digital assets react in the coming days.