President Donald $TRUMP of the United States has expressed his determination to maintain the tariffs, which casts a negative outlook on the cryptocurrency market.
He has reiterated his commitment to proceed with the implementation of reciprocal tariffs on various nations, notwithstanding the 90-day suspension.
This stance contributes to a pessimistic perspective for the crypto market, which has already experienced a downturn in response to his remarks.
Crypto Market In Focus As Donald Trump Insists On Tariffs
The cryptocurrency market is once again under scrutiny as Donald Trump reiterates his position on tariffs.
In a post on Truth Social, the President of the United States indicated that tariffs will soon be implemented, while claiming that this will lead to a significant economic boom for the nation.
He implied that the market may experience a decline during this time, but emphasized that this would not be attributable to the tariffs.
Instead, Trump attributed any possible market downturn to the policies of Joe Biden’s administration.
Concurrently, the President expressed confidence that when the market does thrive, it will be unprecedented.
Despite this optimism, the situation appears to be negative for the cryptocurrency market, placing Bitcoin and altcoins at risk of another significant decline.
It is important to note that these digital assets had already experienced a substantial drop when Trump previously announced reciprocal tariffs earlier this month.
They did recover, with Bitcoin surpassing $90,000 after the President decided to suspend these tariffs for a period of 90 days.
However, they may once again forfeit these gains if the United States proceeds with imposing taxes on exports from other nations.
The cryptocurrency market is currently facing bearish trends, particularly as the Federal Reserve is unlikely to lower interest rates during the upcoming May FOMC meeting.
Market analysis indicates that there is over a 90% probability that interest rates will remain stable following this meeting.
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