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Trump's Tariff Announcement Cools Down Crypto: Bitcoin and Altcoins are Falling! - Coin Bulletin
The announcement of extensive reciprocal tariffs by U.S. President Donald Trump has led to a significant get dumped in the cryptocurrency markets. Many cryptocurrencies, including Bitcoin (BTC) and Ether (ETH), have lost value.
Trump announced a new tariff policy under the name "Day of Liberation," stating that they will impose a minimum tariff rate of 10% on imports in the US. This policy, which will affect over 200 trade partners, could see some countries' tariff rates rise up to 49%. The fact that the new tariffs will start on April 5 and that mutual tariffs will come into effect on April 9 has had an immediate impact on financial markets.
The cryptocurrency market was negatively affected by this announcement, while the Bitcoin price decreased by 3% to around 82,600 dollars, close to the 88,000 dollar level. Ether lost 6%, dropping below 1,800 dollars. Solana (SOL) also fell by 6.5%, decreasing to 118 dollars.
The impact of tariffs on the crypto market
Trump's tariffs could have significant impacts, especially on the Bitcoin mining sector. Mining is largely dependent on ASIC computer chips imported from China, so high tariffs on these products could increase production costs. This situation could put U.S.-based mining companies in a difficult position.
In the cryptocurrency sector, it is expected that not only will prices get dumped, but trading will also become more difficult. Additionally, Trump's statements have brought up the idea of the US government purchasing Bitcoin as a new source of revenue. It is believed that these revenues could be directed towards Bitcoin purchases.
Market experts predict that more investors will turn to valuable assets such as gold and Bitcoin in this environment of uncertainty.