Market Volatility Following Trump’s Tariff Announcement
Market Reaction
US President Donald Trump’s announcement of reciprocal tariffs against every country with a trade relationship with the US has led to a significant spike in market volatility. The news wiped out the gains recorded from a significant rally earlier in the day, causing a sharp decline in the crypto market.
Crypto Market Performance
Bitcoin (BTC) initially climbed to $88,500 as Trump took the stage but quickly crashed back to the daily opening price of around $85,100 before sliding again after the speech. As of the time of press, BTC remains in a downtrend and was trading at $84,382, down 0.99% over the past 24 hours.
The wider crypto market saw similar movements, with the vast majority of digital assets wiping out the day’s gains to trade in the red. Ethereum (ETH) was down 1.66% for the day and trading at $1,880 as of press time. Solana (SOL) was down 1.59% for the day and trading at $128.3 as of press time. BNB was down 2.16% and trading at $597 over the same period. XRP was trading at $2.09, down 2.55%, while Dogecoin (DOGE) fell 2.45% to $0.1688.
Market Summary
At the time of press, the total crypto market is valued at $2.71 trillion with a 24-hour volume of $107.85 billion. Bitcoin dominance is currently at 61.86%.
Market Data
- Bitcoin Market Data:
- At the time of press 10:57 pm UTC on Apr. 2, 2025, Bitcoin is ranked #1 by market cap and the price is down 0.88% over the past 24 hours.
- Bitcoin has a market capitalization of $1.68 trillion with a 24-hour trading volume of $42.73 billion.
- Crypto Market Summary:
- At the time of press 10:57 pm UTC on Apr. 2, 2025, the total crypto market is valued at $2.71 trillion with a 24-hour volume of $107.85 billion.
- Bitcoin dominance is currently at 61.86%.
Conclusion
The market reaction to Trump’s tariff announcement has been significant, with the crypto market experiencing a sharp decline in value. The news has led to a rise in market uncertainty, causing investors to be cautious about exposure to risk assets. However, the resulting clarity around the tariffs could alleviate the market uncertainty that has held investors at bay.
FAQs
- How did the crypto market react to Trump’s tariff announcement?
- The crypto market experienced a sharp decline in value, with the majority of digital assets trading in the red.
- What was the impact on Bitcoin?
- Bitcoin initially climbed to $88,500 but quickly crashed back to the daily opening price of around $85,100 before sliding again after the speech.
- What is the current market value of the crypto market?
- The total crypto market is valued at $2.71 trillion with a 24-hour volume of $107.85 billion.
- What is the current Bitcoin dominance percentage?
- Bitcoin dominance is currently at 61.86%.
