Trade war erases $1t in crypto, Bitcoin acts like risk asset
The escalating trade war has hit both Bitcoin and stocks, as traders reassess risk assets and turn to gold.
The crypto market cap has lost $1 trillion over the fears of a US trade war, as traders sold Bitcoin (BTC) and turned to gold (gold). According to the latest Binance report, escalating US tariffs are spiking fears in both crypto and the stock market.
Notably, the Donald Trump administration has announced a 10% blanket tariff, effective April 5, on all countries. Several jurisdictions will see even higher rates, including a 34% tariff on China, a 20% tariff on the EU, and a 24% tariff on Japan.
Certain industries will also face specific levies, particularly the auto sector, which is subject to an…
