Why Polkadot, Cardano, and Chainlink Collapsed This Week
Cryptocurrencies have had an incredible run since the U.S. election in November, but that's come crashing to a halt in just the last few weeks. Economic uncertainty and a disappointing crypto strategic reserve announcement has led investors to "sell the news" in crypto, and that sell-off continued this week.
According to data provided by S&P Global Market Intelligence, Polkadot (CRYPTO: DOT) fell as much as 14.5% this week, Cardano (CRYPTO: ADA) was down 18.6%, and Chainlink (CRYPTO: LINK) was off 22.9%. The tokens are currently down 7.7%, 13.5%, and 12.4%, respectively, over the past week after a rally late in the week.
The biggest news in crypto wasn't really about cryptocurrencies at all. The tariff saga happening between the U.S. and Canada has given the market uncertainty about the future of the economy and tariffs overall. It was thought early in the Trump administration that tariffs would be a bargaining chip, but it now looks like they're a strategy that will put economic pressure on the U.S. as early as this quarter.
Source Fool.com
