Crypto markets dipped after US President Donald Trump's declaration of a national emergency and sweeping tariffs on all countries as part of his latest salvo in the ongoing trade war. The Trump administration has hit all countries with a 10% tariff starting April 5, with some countries facing even larger rates, such as China facing a 34% tariff, the European Union 20%, and Japan 24%. During an April 2 speech in the Rose Garden at the White House, Trump said the US is charging countries “approximately half of what they are and have been charging us.”🚨 @POTUS signs an Executive Order instituting reciprocal tariffs on countries throughout the world.
Meanwhile, CoinGecko data shows Ether (ETH) dropped over 6% from $1,934 to $1,797 following the tariff announcements and the total crypto market cap dropped 5.3% to $2.7 trillion. The Crypto Fear & Greed Index, which measures market sentiment for Bitcoin and other cryptocurrencies, returned a score of 25, classed as extreme fear, in its latest April 2 update. However, prices have clawed back some losses since.Bitcoin has recovered 0.8% to $83,205.While Ether regained 1.2% to take back $1,810.
Trump tariffs could bring certainty to marketsRachael Lucas, a crypto analyst at Australian crypto exchange BTC Markets, said the brief surge was a case of “uncertainty relief,” then a sell-off as the full tariff details were released. “On BTC Markets, trading volume surged 46% as local traders scrambled to reposition.
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Author / Journalist: Cointelegraph by Stephen Katte
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