Dogecoin's price has been significantly impacted today by escalating trade tensions between the U.S. and China, which have led to a broader sell-off in the cryptocurrency market. The imposition of fresh tariffs by both countries has created uncertainty, causing investors to shy away from riskier assets like cryptocurrencies. Ben El-Baz, Managing Director of HashKey Global, noted that the U.S.-China tariff conflict could decrease the appetite for risk assets, further impacting the positive sentiment that has been fueling the crypto market. This sentiment has been echoed across various digital assets, with Bitcoin and Ether also experiencing declines.
Adding to the volatility, a legal controversy involving Elon Musk and the U.S. Treasury has further rattled the market. The American Federation of Labor and Congress of Industrial Organizations (AFL-CIO) has filed a lawsuit against the Treasury, alleging unauthorized data sharing with Musk's Department of Government Efficiency. This has raised concerns about privacy and government oversight, contributing to the market's unease. The lawsuit has sparked a political debate, with top Democratic leaders condemning the data-sharing arrangement, which has added another layer of uncertainty to Dogecoin's market dynamics.
Dogecoin has seen a sharp decline of 8.53% today, with its price currently at $0.260761. The cryptocurrency reached a high of $0.288068 earlier in the day but has since dropped to a low of $0.258806.