President Trump’s sweeping new tariffs are sending shockwaves through global markets, causing a significant drop in cryptocurrency values.
Crypto Market Takes a Hit
The crypto market has seen a massive $518 million liquidation in the last day, according to CoinGlass. Bitcoin, for example, took a dive, falling from a high of $87,790 to $82,223. This downturn is directly linked to the uncertainty created by the new tariffs.
A Wider Market Shakeup
The impact extends beyond crypto. Traditional markets are also feeling the pressure. The Dow Jones is down over 1,000 points in after-hours trading, while S&P 500 and Nasdaq futures are down 3.5% and 4.2% respectively.
Trump’s Tariff Strategy
Trump’s new tariffs include a 10% tax on all imported goods starting April 5th, and additional “reciprocal tariffs” on numerous countries, with rates reaching up to 54% on goods from China. The President claims these measures are necessary to protect American manufacturing and address unfair trade practices.
Disclaimer
This information is for general knowledge and shouldn’t be considered investment advice. Investing in cryptocurrencies is risky, and you could lose money. Always do your own research before making any investment decisions.
