**Crypto Market Drops After Trump Lifts Food Tariffs: What’s Next for Bitcoin and Ethereum?**

The crypto market is reacting sharply to recent political and economic events. After former President Donald Trump lifted tariffs on essential food imports, markets were shaken. Bitcoin (BTC) plunged from $95,262 to $91,292, and Ethereum (ETH) fell below $3,000 for the first time in 126 days, triggering a wave of losses across other major cryptocurrencies. Many altcoins dropped more than 5%, raising concerns among investors and traders.

### What Did Trump Say?

Trump’s recent statements have stirred both financial and political waters. As he pushes policies aimed at reshaping U.S. manufacturing and trade, he announced plans to bring chip production back to the U.S., citing past mistakes that gave Taiwan a competitive edge. He also mentioned potential arms sales to Saudi Arabia and a hardline stance on Mexico to combat drug trafficking.

Key highlights from Trump’s remarks:
– A large part of chip production will move back to the U.S. within a year.
– Tariff-related dividends could roll out by mid-to-late 2026.
– The U.S. may take stronger action against Mexico over drug trafficking.
– Selling F-35 fighter jets to Saudi Arabia is on the table.

While cutting food tariffs helps ease inflation pressure, delays in potential tariff benefits may slow monetary growth. Meanwhile, markets are watching for upcoming interest rate decisions and possible military developments that could shake investor confidence further.

### Crypto Market Reaction

Bitcoin and Ethereum weren’t the only ones hit. The entire crypto market took a hit due to a mix of geopolitical uncertainty, macroeconomic concerns, and technical selloffs.

Market analyst Capo pointed out that Bitcoin’s drop toward $91,000 reflects a prolonged bearish phase. Still, he sees a chance for a short-term rebound, especially in altcoins like AI-related tokens.

His comment:
> “We’re likely near a short-term bottom. Some altcoins could bounce back stronger than BTC. I’ve started taking profits from short positions.”

Wall Street mirrored this uncertainty. The S&P 500 dropped 1.39%, while the Nasdaq fell 1.45%. The VIX volatility index jumped 15%, indicating rising fear in the market. Despite this, Federal Reserve official Christopher Waller supported a 0.25% interest rate cut in December due to slowing job growth and inflation nearing target levels.

Waller explained:
> “I support a small rate cut in December to support the economy. Inflation is near 2%, and there’s no clear risk of it spiking again.”

### Bitcoin, Ethereum, Solana, Cardano: Price Targets

Here’s a quick breakdown of major cryptocurrencies and what levels to watch next:

**Bitcoin (BTC):**
– Lost key support at $94,400.
– If it drops below $90,200, it could fall to $88,000 or even $82,000.
– Worst-case scenario: a fall below $74,000 may signal the end of the bull market.
– Possible short-term rebound could push it back up to $106,000.

**Ethereum (ETH):**
– Dropped below $3,000 after 126 days of holding above it.
– If it falls under $2,920, expect further decline toward $2,759 or even $2,360.
– Recovery depends on stability above the $3,000 mark.

**Solana (SOL):**
– Key level is $112. If sellers win, price may dip to $105 or even $88.
– A bounce could target $143.

**Cardano (ADA):**
– Struggling more than most altcoins.
– If it can’t hold above $0.53, prices could slide to $0.434 or even $0.33.
– A recovery might aim for the $0.72 range if it breaks back above $0.53.

### What to Watch Next

Investors are closely monitoring upcoming U.S. interest rate decisions and geopolitical risks involving Mexico and Venezuela. These factors could create more volatility in both crypto and stock markets.

As always, the cryptocurrency market remains highly unpredictable and influenced by global events. Traders should stay informed and proceed with caution.

**Keywords:** Bitcoin price analysis, Ethereum drop below $3K, crypto market crash June 2024, Trump tariffs effect on crypto, altcoin recovery predictions, Federal Reserve rate cut forecast, SOL ADA price targets