- Trump’s reciprocal tariffs spark economic uncertainty, impacting Bitcoin and major cryptocurrencies.
- Crypto whales accumulate BTC, signaling long-term confidence despite market volatility.
In a surprising turn of events that could redefine global trade dynamics, on the 7th of February, President Donald Trump announced that he planned to impose ‘reciprocal tariffs’ on multiple countries, with more details expected by the 10th or 11th of February.
He didn’t specify which nations would be affected, but his remarks hinted at a broad and aggressive strategy aimed at reshaping international trade in favor of the U.S.
“I’ll be announcing that, next week, reciprocal trade, so that we’re treated evenly with other countries. We don’t want any more, any less.”
Moreover, according to a Bloomberg report, the global tariff plan might have a particular focus on the European Union.
Impact on the crypto market
These aggressive trade measures have already sparked economic uncertainty, creating ripples across financial markets.
The impact on the crypto market was immediate, too, with major digital assets experiencing sharp declines.
Previously, when President Trump announced the initial tariffs, over $2 billion were liquidated in the crypto market as market-wide sell-offs hit Bitcoin, Ripple [XRP], Dogecoin [DOGE], Solana [SOL], and other major cryptocurrencies.
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Author: Ishika Kumari
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