Crypto Market Becomes Casualty to Trump’s Tariff Announcements
As the Trump administration announced fresh tariffs against its trading partners, the global stock and crypto markets reacted instinctively, facing setbacks within hours on Wednesday a.k.a the Liberation Day.
The broader crypto market saw a major setback after an initial pump in a short, quick spike but later lost nearly 5% of market cap.
As usual, Bitcoin (BTC) was the first cryptocurrency to react to Trump’s bombshell on tariff arrangements, with it surging to $88,500 in minutes but declining 6% afterwards and falling as low as $82,200 – as per market data. At the time of writing, Bitcoin price is trading near $83,300 with a 24-hour trading volume of $53.13 billion.
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