Key Notes
- Bitcoin has seen its growth reversed following a new trade shift in the US.
- President Donald Trump said the US will impose a 25% tariff on cars not made in the USA.
- Top altcoins like Dogecoin and XRP saw bearish corrections along with major indices
.
The digital asset market is under pressure as President Donald Trump threatens new tariffs on core trading partners globally. Drawing on the potential impact of the latest update, the market is edgy with macroeconomic implications for Bitcoin, and other top altcoins are now in the spotlight.
Bitcoin Holds as Markets Drop
Following the announcement that automobiles not produced in the United States will be slammed with heavy tariffs, the price of Bitcoin
BTC
$86 763
24h volatility:
1.2%
Market cap:
$1.72 T
Vol. 24h:
$23.59 B
saw its growth stagnate. The building trade tensions derailed its attempt to breach the $90,000 price mark.
As reported by Coinspeaker, the crypto market faced $2.23 billion in liquidations, with Bitcoin dropping 6.5% following President Trump’s earlier tariff announcement. A similar trend is mildly playing out.
Market data shows that the coin was trading at $87,315,20, down slightly by 0.93% in the past 24 hours. President Trump’s announcement of a 25% tariff on all foreign-made cars and auto parts, set to take effect on April 2, has stirred general uncertainty in the market.
Stock markets saw ridiculous corrections following the news. For example, The S&P 500 Index (INDEXSP: .INX) fell 1.1%, while the Nasdaq Composite (INDEXNASDAQ: .IXIC) dropped 2%. The Dow Jones Industrial Average (INDEXDJX: .DJI) was not spared either, falling 0.31% to 42,454.79.
Meanwhile, gold prices were remarkably high as investors moved toward safer assets. This reflects a larger risk-off sentiment in financial markets. The precious is up 1.2% to $3,053.91
President Trump’s latest tariff threats have increased uncertainty across global markets. If the European Union and Canada retaliate, the economic strain could deepen.
This tariff war is bound to strengthen the greenback the more. A rising dollar often pressures digital asset prices as investors shift to these stable assets to avoid losing their funds.
Amid the growing concerns, traders remain focused on the Personal Consumption Expenditure (PCE) data set for release on March 28, a key measure of inflation. The Federal Reserve’s stance on interest rates could shift depending on the report’s outcome, potentially impacting risk assets like cryptocurrencies.
Altcoins Face Mixed Reactions
It is important to note that alternative cryptocurrencies exhibited mixed movements in response to the latest developments.
Dogecoin
DOGE
$0.19
24h volatility:
4.8%
Market cap:
$28.78 B
Vol. 24h:
$1.70 B
gained 1.8%, continuing its recent bullish rally following the tariff hike update. However, real-time CoinMarketCap data shows that the coin has dropped by 3% to $0.1954.
Meanwhile, XRP
XRP
$2.34
24h volatility:
4.7%
Market cap:
$136.01 B
Vol. 24h:
$2.73 B
dropped 4% to $2.36, making it one of the biggest losers among major cryptocurrencies.
Other major coins also joined the selloff trend. Ethereum
ETH
$2 017
24h volatility:
2.3%
Market cap:
$243.33 B
Vol. 24h:
$13.57 B
dropped by 1.6% to $2.025, Solana
SOL
$137.5
24h volatility:
5.1%
Market cap:
$70.37 B
Vol. 24h:
$3.84 B
lost 3% to $137.51, and Cardano
ADA
$0.73
24h volatility:
4.7%
Market cap:
$26.34 B
Vol. 24h:
$771.20 M
declined by 1.9% to $0.7373.
Despite the current volatility, some analysts see positive signs from Asia. Institutional investors in the region continue to drive pro-crypto policies. New funds and financial products are emerging in key markets like Hong Kong and Singapore.
These developments could offset regulatory pressures in the US and support market recovery.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
