The European Union has announced new retaliatory tariffs on US goods, intensifying economic uncertainty and potentially impacting cryptocurrency markets.
New EU Retaliatory Tariffs
On March 12, the European Commission announced retaliatory tariffs worth 26 billion euros ($28 billion) on US goods. This is in response to US President Donald Trump's recent 25% tariffs on steel and aluminum imports.
Impact on Bitcoin Market
Analysts suggest that the introduction of new tariffs might increase volatility in the crypto market, potentially causing Bitcoin's price to fall below the critical $75,000 support level. However, analyst Marcin Kazmierczak believes stablecoins and real-world assets remain at all-time highs, which could support Bitcoin prices.
Crypto Market Prospects
Cryptocurrency markets might remain limited by tariff concerns until April 2. However, broad institutional adoption and high utility make crypto assets more resilient compared to traditional financial instruments.
The new tariff measures introduce uncertainty into markets, potentially limiting development, although the crypto market continues to display some resilience.
