In major cryptocurrencies, investors are hoping to get out of dangerous assets, fearing an imminent escalation of the global war, as the US announced fresh tariffs on some of their allies, Monday A slide was seen in. Bitcoin was three weeks low, the lowest ether since September.
With 25% tariffs in Canada and Mexico and 10% tariffs in China effective from Tuesday, US President Donald Trump has launched a promise of protectionist trade policy, fresh with America’s top three trading partners It sparked a trade war. The biggest contributor to the trade deficit of nearly $1 trillion.
Since then, Canada has announced retaliatory tariffs against the US, raising concerns about a full-scale trade war. China has said it will file a lawsuit against tariffs. Trump also shows that new tariffs on the European Union will “become undoubtedly.” Meanwhile, the US has agreed to suspend tariffs on Mexico for a month.
Impact on cryptocurrency
Trump’s tariff announcement came on Saturday. This is a market leave for most traded products, except for cryptocurrencies that can be traded throughout the year. A digital currency decline means that an uncertain trade environment is likely to debate the crypto narrative of rising escalating.
Bitcoin fell to around $94,000 on Monday morning, even touching on the three-week low of $91,000. This is a major fall after the coin touched a record high of more than $107,000 on January 20, when Trump was sworn in as president. Memokine also bleed a lot. Trump fired nearly 12%, with the coins launched by his wife Melania down more than 13%, according to Coinmarketcap. Dogecoin has dropped by more than 24% from yesterday.
Memecoin is a highly volatile cryptocurrency inspired by popular internet and cultural trends. They have no intrinsic value, but prices can spike or plummet. They are generally seen as indicators of retail investors’ interest in cryptocurrencies. It is usually a marker of investor risk appetite.
Surges under Trump
Investors predicted that Bitcoin could hit that mark if Trump was elected. And having Elon Musk, a longtime cryptocurrency defender as a leading adviser, will further strengthen investors’ beliefs in Bitcoin and other digital virtual assets, even with concerns about conflicts of interest. It was expected that it could be done.
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Some of Trump’s key choices for his administration, including Paul Atkins, have led the Securities and Exchange Commission (SEC), widely considered a cryptocurrency advocate, and under the new administration shows a large custody regulation environment for currency.
©The Indian Express Pvt Ltd
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