The cryptocurrency market has faced negative momentum again as Bitcoin marked a significant decline following the announcement of new tariffs by U.S. President Donald Trump.
Tariffs and Their Impact
U.S. President Donald Trump signed an order imposing new trade tariffs on several countries that failed to reach agreements with the U.S. by the deadline. Target countries include Canada, Taiwan, Thailand, and Switzerland.
Market Reaction to the News
In response to the announcements, Bitcoin fell over 3% to $114,520, with the total cryptocurrency market cap dropping more than 4% to $3.72 trillion. A significant number of long-position liquidations occurred, totaling over $705 million in the past 24 hours.
What’s Next for Cryptocurrency?
Investor sentiment has turned cautious, as evidenced by a decline in the crypto Fear and Greed Index. In uncertain conditions, further price fluctuations in cryptocurrencies are to be expected.
The cryptocurrency market remains tense amidst new trade tariffs and negative investor responses, which may continue to cause volatility.
