$518,000,000 in Bitcoin and Crypto Liquidated As Trump’s Tariffs Rock Global Markets
Crypto Markets React to President Trump’s Tariffs, Bitcoin Price Plummets
The cryptocurrency market is experiencing a significant downturn following President Trump’s announcement of new tariffs that have sent shockwaves through global markets. The uncertainty and volatility triggered by these tariffs have impacted both traditional and digital asset markets.
Bitcoin, the leading cryptocurrency, has seen its price drop from a 24-hour high of $87,790 to $82,223 at the time of writing. This downward trend has resulted in $518 billion in liquidations across BTC and the broader digital asset market in the past day, as reported by CoinGlass.
Meanwhile, traditional markets have also taken a hit, with the Dow Jones Industrial Average plummeting over 1,000 points in after-hours trading. The S&P 500 futures have dipped by 3.5% and the Nasdaq 100 futures by 4.2%.
President Trump’s executive order imposes a blanket 10% tariff on all imported goods entering the US, effective April 5th. Additionally, a proclamation outlining “reciprocal tariffs” on numerous countries will come into effect on April 9th, with tariffs on China reaching up to 54%.
During a speech in the Rose Garden, Trump emphasized that these measures are aimed at rectifying what he perceives as unfair trade practices and restoring economic balance for the United States.
As the market continues to react to these developments, investors and traders are closely monitoring the situation for further impact on asset prices and market stability.
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Featured Image: Shutterstock/KDdesignphoto
