#关税影响下的币圈 Click to join:
币安王牌kol专属群(爆仓战神)The impact of tariffs on cryptocurrencies is a complex economic phenomenon involving the interaction of macroeconomic policies, investor sentiment, and market dynamics. Below is an analysis of how tariffs affect cryptocurrency prices, particularly why tariffs may lead to a decline in cryptocurrencies, as well as the reasons behind imposing tariffs.
The Impact of Tariffs on Cryptocurrencies
Short-term Panic Effect: Deterioration of Risk Sentiment
Tariffs are generally seen as trade protectionist measures, which increase uncertainty in international trade. When a country (such as the United States) imposes tariffs on imported goods, the market often interprets this as a signal of a deteriorating economic environment. Cryptocurrencies, such as Bitcoin and Ethereum, although regarded by some as 'safe-haven assets', are still widely seen as high-risk assets in the actual market. When investors are concerned about the global economic outlook, they tend to sell off high-risk assets and turn to safer traditional assets (such as the U.S. dollar and government bonds), leading to a decline in cryptocurrency prices.
For example, after Trump imposed tariffs on Canada and Mexico in February 2025, Bitcoin plummeted 8% within 24 hours, Ethereum dropped over 10%, and the total liquidation amount exceeded $900 million. This kind of 'stress response' is similar to the situation during the China-U.S. trade war in 2018, when Bitcoin fell by 30% in a single month.
The Inverse Relationship Between a Strong Dollar and Cryptocurrencies
Imposing tariffs may lead to a short-term appreciation of the dollar due to reduced import demand and relatively increased demand for dollars. Historical data shows that there is a certain negative correlation between the prices of cryptocurrencies like Bitcoin and the U.S. Dollar Index (DXY). When the dollar strengthens, the attractiveness of cryptocurrencies may decline because their prices are typically denominated in dollars, and a stronger dollar increases the cost of holding cryptocurrencies, thereby triggering selling pressure.
Reduction in Global Capital Flows
Tariffs may slow down global trade activities, which in turn affects cross-border capital flows. When economic activity slows, the demand for speculative assets (such as cryptocurrencies) tends to decrease. The cryptocurrency market heavily relies on the participation of global investors, and once capital flows are restricted, market liquidity decreases, which may put downward pressure on prices.