Trump’s tariffs provoke crypto market sell-off
(MENAFN) The price of Bitcoin has fallen below $75,000 for the first time in five months, as market uncertainty following US President Donald Trump’s new global tariffs triggered a sell-off in the crypto market. Most of the top 100 altcoins also saw their value plummet by around 15% or more, in line with a sharp drop in US equities—the steepest since 2020.
Trump’s administration began imposing a 10% tariff on imports from all countries on April 5, with higher rates for certain nations, including a 34% tariff on China, 20% on the EU, and 24% on Japan. These measures have heightened fears of a global trade war, potentially pushing the US economy into a recession.
Bitcoin’s price dipped below key support levels of $79,000 to $80,000 over the weekend, and dropped further to under $75,000 on Monday, settling at $76,000 after peaking near $90,000 just a week ago. Other major cryptocurrencies followed suit, with Ethereum falling by 14.19% to $1,551.52, XRP dropping 14.52% to $1.81, Binance Coin declining 6.51%, and Solana losing 13.96%.
The decline in Bitcoin triggered a wave of long liquidations, forcing traders who had bet on rising prices to sell off their positions to cover losses. Bitcoin alone accounted for over $247 million in long liquidations in the past 24 hours, with Ether following at $217 million. In total, the crypto market saw $1.38 billion in liquidations, predominantly from traders betting on price increases.
As fears over the global impact of the tariffs spread, stock markets in Europe and Asia also experienced significant declines. Despite the market turmoil, Trump defended his tariff policies, stating they were essential to addressing trade deficits with China, the EU, and other countries. He acknowledged the market downturn but emphasized that he had no intention of easing the tariffs.
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