Economist Peter Schiff has expressed concerns that the cryptocurrency market is beginning to unravel in response to U.S. President Donald Trump's recently announced tariffs, which have negatively impacted global asset prices, including digital currencies. Schiff criticized Trump's economic decisions, comparing the tariffs to an earlier proposal for a Strategic Bitcoin Reserve. Following the announcement, Bitcoin's price dropped significantly, along with Ethereum and other cryptocurrencies, marking a stark decline from their all-time highs. Schiff also noted that the newly launched Trump-themed meme coin was contributing to the downturn, suggesting a disconnect between crypto industry leaders and the impact of government policies they support. As market turmoil escalated, U.S. stock futures and other risk assets saw severe declines, leading to fears of a significant market downturn. Schiff highlighted the irony of crypto advocates aligning with Trump amid these developments, speculating on potential motivations behind this support. The overall sentiment in crypto markets remains bearish as investors react to broader economic uncertainties.

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