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Bear market: bitcoin, other cryptocurrencies fall on risk-asset slump amid Trump tariffs
For bitcoin, which fell as much as 4 per cent to about US$82,000 on Thursday, US$80,000 is a ‘must-hold’ level, cryptocurrency analysts say
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Bitcoin and other major cryptocurrencies dipped after President Donald Trump imposed new tariffs on US trading partners worldwide, triggering a slump in risk assets.
The largest digital asset fell as much as 4 per cent to about US$82,000 on Thursday morning in Singapore before paring losses, while other tokens including ether and XRP also declined. Solana had at one point shed more than 9 per cent of its value.
Trump on Wednesday announced that he will apply a minimum 10 per cent tariff on all exporters to the US and slap additional duties on around 60 nations with the largest trade imbalances with the US.
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China will face a 34 per cent rate, while the European Union will have a 20 per cent levy and Japan is seeing a 24 per cent tariff.
Cryptocurrencies bore the announcement relatively well at first, but began to falter as traders began their day in Asia.
“As a risk-on asset, cryptocurrencies have generally traded poorly during periods of uncertainty following announcements such as steady high rates or the introduction of trade tariffs,” said John Wu, president at Ava Labs.
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