LONDON – Leading cryptocurrency Bitcoin witnessed big slump, coming down by 10percent after US President Donald Trump’s global tariff announcement last week.
The cryptocurrency, which was trading near $110,000 earlier this year, dipped below $78,000 on Tuesday amid broader market volatility sparked by new import taxes.
Crypto enthusiasts remain in shock as President Trump’s claims for BTC and other crypto units fall flat. His presidency has been marked by efforts to position Washington as crypto capital, with policies and appointments aimed at fostering a more crypto-friendly environment.
Bitcoin Rates Today
As of April 8, Bitcoin’s market cap stands at $1.56 trillion, reflecting a modest increase of 2.82%. However, trading volume has taken a hit, moving down by 3.21% to $67.38 billion in the last 24 hours.
While the recent price drop highlights BTC vulnerability to external market factors, it remains a key player in the cryptocurrency space.
The rapid decline in Bitcoin’s value after the tariff announcement underscores the ongoing volatility within the crypto market. Bitcoin, often touted as a stable store of value, is still highly influenced by broader economic trends, particularly risk appetite and market optimism.
In election campaign, Trump continued his support for the crypto space by appointing crypto-friendly regulators and signing an executive order aimed at creating a government stockpile of Bitcoin. He further pushed for expanding his personal investments in the crypto world, even promoting a memecoin to his followers.
As the crypto world continues to grapple with these shifts, all eyes remain on how Bitcoin and the broader cryptocurrency market will react to the unfolding economic landscape under President Trump’s policies.
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