Following Donald Trump's election victory, the cryptocurrency market faced significant losses due to concerns over new tariff policies.
On April 7, Bitcoin fell by 5.3%, reaching a low of $74,600, the lowest since November 7, according to Bloomberg.
Trump's tariffs devastate the cryptocurrency market
According to CoinGecko, the total market cap of cryptocurrencies dropped by about 12%, hitting $2.47 trillion, reflecting levels seen at Trump's election.
Ethereum fell to its lowest point since March 2023, trading at $1,418.
This decline is linked to the introduction of extensive tariffs by Trump, which have already led to massive losses on global financial markets, estimated in trillions of dollars.
Charlie Sherrie, head of the financial and crypto analysis department at BTC Markets, noted in her analytical report that while there was previously confidence in the resilience of cryptocurrencies against Trump’s tariff policies, investors shifted to aggressive selling mode on Sunday.
Data from Coinglass showed that approximately $868 million in cryptocurrency positions were liquidated in the last 24 hours, marking the highest level in the past six weeks.
500 billionaires lost over $200 billion due to Trump’s tariffs
On the evening of April 2, U.S. President Donald Trump announced new "countervailing tariffs" on imports from many countries.
The tariffs will be: 20% for the EU, 46% for Vietnam, 32% for Taiwan, 24% for Japan, 25% for South Korea, 36% for Thailand, 31% for Switzerland, 32% for Indonesia, 24% for Malaysia, 49% for Cambodia, 10% for the UK, and 30% for South Africa. A basic 10% tariff has been set for Ukraine. The new tariffs do not apply to Russia and Belarus.
The total wealth of the 500 richest people in the world decreased by $208 billion due to significant tariff fees.
Trump pushed Bitcoin to a historical high
Bitcoin surged to a record high above $106,000 after newly elected President Donald Trump proposed creating a strategic reserve of Bitcoins in the country.
Just hours before the inauguration of President Trump, Bitcoin set a new price record, exceeding $109,000.
On February 25, the price of Bitcoin fell below the $90,000 mark, reaching its lowest level since mid-November.
On December 5, Bitcoin reached a record price of $100,000. The day before, the price of Bitcoin was $95,000.
This was the highest value in history.
On November 12, Bitcoin increased by about 32% after the U.S. elections, reaching an all-time high of $89,599.