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Bitcoin and Ethereum prices have taken a hit after the announcement by US President Donald Trump to impose a 25% tariff on steel and aluminum imports. The move has sent shockwaves through the cryptocurrency market, with both major digital currencies experiencing significant losses.
According to data from CoinMarketCap, Bitcoin (BTC) plummeted from its previous high of $97,000 to a low of $94,000 before partially rebounding to around $96,500. This sudden drop wiped billions off the market, reflecting growing uncertainty surrounding the impact of new trade tensions on economic stability.
Ethereum (ETH), on the other hand, saw a similar trajectory, dropping from its previous high of $2,645 to as low as $2,537 before recovering back up to around $2,640. Meanwhile, the total crypto market cap shrank from $3.15 trillion to $3.10 trillion before partially rebounding to $3.13 trillion.
It’s worth noting that the Crypto Fear & Greed Index fell sharply, dipping down to a score of 43 from its previous high of 46. This marks the seventh consecutive day in which the index has been stuck in the “fear” territory, suggesting investors remain uneasy about the potential implications of this new trade policy on broader economic trends.
The market’s negative reaction is largely attributed to growing unease surrounding Trump’s aggressive stance on international trade, particularly his decision to impose the 25% tariff on all steel and aluminum imports. This move aims to put pressure on other nations that have been perceived as taking advantage of the US economy.
It remains unclear how this will ultimately affect the cryptocurrency market.
Source: coinchapter.com
