Crypto assets are witnessing a fresh wave of liquidations as President Trump’s new tariffs rock global markets.
Trump’s new blanket tariffs target a long list of nations and go further than many analysts expected, sparking widespread economic uncertainty and volatility in both traditional and digital asset markets.
Bitcoin’s price has plummeted from a 24-hour high of $87,790 down to $82,223 at time of publishing, with $518 billion in liquidations hitting BTC and the digital asset market at large in the last day, according to CoinGlass.
The Dow Jones Industrial Average is down more than 1,000 points in after-hours trading, the S&P 500 futures have dropped by 3.5% and the Nasdaq 100 futures have dropped 4.2%.
Trump has signed an executive order imposing a 10% tariff on all imported goods entering the US, effective April 5th, with the stated goal of protecting domestic manufacturing.
He also issued a proclamation detailing “reciprocal tariffs” on dozens of specific countries effective April 9th, with rates totaling up to 54% on China.
At a Rose Garden address, Trump said the reciprocal tariffs are designed to address decades of unfair trade practices and restore economic fairness for the United States.
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