The cryptocurrency market saw a temporary drop after former US President Donald Trump announced plans to slap a 25% tax on steel and aluminum imports. The decision, part of an ongoing trade policy adjustment, first caused concern in both the stock and cryptocurrency markets.
According to market statistics, Bitcoin dropped to around $94,000 before rebounding above $97,000. Ethereum followed a similar path, falling to $2,537 before recovering near its prior level of $2,645. The total crypto market capitalization fell temporarily from $3.15 trillion to $3.10 trillion but has subsequently stabilized at roughly $3.13 trillion.
Trump’s tariff agenda goes beyond steel and aluminum, with potential charges on sectors such as energy, semiconductors, and other trade partners, including the European Union. Previously, comparable trade regulations caused major volatility in financial markets, with an estimated $8 billion to $10 billion in crypto liquidations.
Despite the turmoil, the cryptocurrency market has remained resilient, with investors constantly tracking developments and anticipated future measures by global trade partners.
