Crypto Market Dives $47B as Tariffs, Gold Rush, Whale Sale Converge

The global crypto market cap fell to $2.75 trillion on August 26, 2026, a 1.7% drop in 24 hours, according to CoinGecko data.

This decline can be attributed to several factors that converged on the same day. One reason is Trump's tariffs, which led to Canada retaliating with its own tariffs of 50%, 25%, and 15% on US goods worth $20 billion annually.

The tariffs affected various products such as steel, aluminum, furniture, clothing, video-game consoles, smartphones, and other electronics. This development contributed to a risk-off sentiment in the market, causing crypto prices to decline.

Another factor is the gold rush, with global physical gold-backed ETFs taking in $6.4 billion last week, their largest weekly intake since January. The influx of money into gold-backed ETFs indicates that investors are shifting their assets away from crypto and towards safer havens like gold.