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Bitcoin drops 5% as Trump tariffs stoke trade war, recession fears
The cryptocurrency market suffered a significant decline in the wake of President Donald Trump’s announcement to impose new global tariffs. As a result, Bitcoin fell by 5% and several major altcoins also sustained losses.
In an effort to address large and persistent US trade deficits, Trump has imposed a minimum 10% tariff on all imported goods from every country, set to take effect soon. Uncertainty surrounding these trade policies has led to investors reassessing their risk tolerance, resulting in a mass exodus from crypto and stocks.
Apart from Bitcoin, other prominent altcoins took a hit. Ethereum dropped by 6%, while XRP plummeted nearly 8%. The prices of Dogecoin and Cardano fell over 9% each, with Solana experiencing losses of more than 10%. In contrast, Binance Coin fared slightly better, shedding only 3%.
Smaller altcoins were hit even harder. Hyperliquid, Pi Network, Ethena, Pepe, Bonk, Celestia, and Official Trump posted double-digit declines.
As a result, the total cryptocurrency market capitalization tumbled by approximately 6.5% to around $2.7 trillion, as investors struggled with heightened uncertainty.
The broader US stock market also suffered a significant blow. The S&P 500 dropped by 4%, while the Nasdaq slid 5%. This decline wiped out over $2 trillion in value from the market.
Source: https://cryptobriefing.com/tech-tariffs-impact-market-selloff/
