As President Trump’s new tariffs shake global markets, crypto assets have seen a renewed wave of liquidity.
Trump’s blanket new tariffs are aimed at a large number of countries and have gone further than most analysts had expected. They caused widespread economic instability and volatility on both the traditional and digital assets markets.
Bitcoin has dropped from its 24-hour peak of $87,000 to just $82,223, according to CoinGlass. The digital asset market as a whole and BTC have seen $518 billion worth of liquidations in the past day.
After-hours, Dow Jones Industrial Average futures are down by more than 1,000 point. S&P futures dropped 3.5%. Nasdaq futures dropped 4.2%.
Trump signed an executive directive imposing 10% duties on imported goods that enter the US. The order is effective from April 5, with the stated aim of protecting the domestic manufacturing industry.
The proclamation also detailed “reciprocal duties” that will be applied to dozens of countries, including China.
In a Rose Garden speech, Trump stated that the reciprocal tariffs were designed to correct decades of unfair trading practices and restore fairness in the United States’ economy.
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Featured Image: Shutterstock/KDdesignphoto
The ICD published the first version of this article, “Trump’s Tariffs Rock Global Markets: $518,000,000 Bitcoin and Crypto Sold”.
