When the Trump administration announced new tariffs on its trade partners, global stock and cryptocurrency markets instinctively reacted, facing a fall within hours on Wednesday, also known as Liberation Day.
The cryptocurrency market in general has witnessed a significant fall after a brief and rapid price surge, but then lost nearly 5% of its market capitalization.
As usual, Bitcoin (BTC) is the first cryptocurrency to react to Trump’s blockbuster announcement on trade agreements, surging to $88,500 within minutes but then falling 6% and dropping to a low of $82,200 - according to market data. At the time of writing, the price of Bitcoin is trading near $83,300 with a 24-hour trading volume of $53.13 billion.
After Bitcoin and unresolved instability, Ethereum (ETH) and other altcoins are also affected. The price of ETH rose to $1,941 before falling by 8% to a low of $1,785 after the chaotic market.
Similarly, Solana (SOL) also made a similar move when it surged to $135 and fell back to $117, marking a significant fall of 13%. At the time of writing, SOL is trading near the price of $119 – a fall of 4% in the past 24 hours.
Other major altcoins – including XRP, BNB, ADA, and TRX – also witnessed similar movements, as all lost the gains of the previous day and traded below the day’s highs.
Although Trump did not mention Bitcoin or cryptocurrency in his speech on tariffs, the cryptocurrency market has witnessed strong fluctuations and increased volatility, further reinforcing the role of this industry in global trade and finance.
As most of the hype surrounding the “trade war” has now subsided, it is unclear which way the cryptocurrency market will turn. With Bitcoin and other leading cryptocurrency assets having experienced a significant fall last month, analysts are now expecting it to recover its previous gains and soar to new highs in the coming months.
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