Hello everyone👋, the global economic situation has been changing rapidly recently, and the tariff deadline set by Trump on August 1 is approaching. This has not only put a strain on the global trade market but has also significantly impacted the cryptocurrency market that we are concerned about. Let's chat about it today～​
On July 27, local time, U.S. Commerce Secretary Ross stated that the U.S. will no longer extend the tariff deadline on August 1, which means that the tariffs will soon take effect. In fact, as early as July 12, Trump announced that starting August 1, the U.S. would impose a 30% tariff on products imported from Mexico and the European Union. Following the news, risk assets like Bitcoin collectively plummeted, with Bitcoin dropping 0.49%, Ethereum falling over 2%, Solana dropping over 4%, and Cardano nearly declining 6% as of the time of publication. ​
Although the cryptocurrency market seems independent, it is actually closely tied to the global economic situation. When tariffs increase and global economic uncertainty rises, investors tend to become more cautious. After all, tariffs can affect corporate profits, economic growth, and even trigger inflation, which can lead to a more conservative attitude towards risk assets. ​
In April this year, after Trump announced reciprocal tariffs on dozens of countries, Bitcoin surged to 87,400 following the announcement but then subsequently fell to just above 82,000, with a drop of up to 3%. A total of 8.6 billion flowed out of cryptocurrency-related ETFs that day. At that time, the total value of the entire cryptocurrency market shrank by 1.37% within 24 hours, reaching a low of 2.64 trillion. The second-largest token, Ethereum, saw a decline of 6% at one point. ​
Looking at this time, although the cryptocurrency prices have not yet experienced significant fluctuations, the market's unease is already spreading. Based on historical experience, once tariffs are officially implemented, the cryptocurrency market is likely to face a new wave of turbulence. If the global economy suffers a significant impact from tariffs and the stock market declines, cryptocurrencies like Bitcoin, which are increasingly correlated with the U.S. stock market, will likely also follow suit. According to TradingView indicators, the correlation between Bitcoin's price and the Nasdaq index currently stands at 0.74, meaning that for every 10% drop in the Nasdaq, Bitcoin's price would follow with a drop of 7.4%. ​
However, some believe that cryptocurrencies have hedging properties and that during economic instability, some funds may flow into the cryptocurrency market seeking refuge. But currently, as economic uncertainty rises, traders still prefer traditional safe-haven assets like gold. For example, when Trump announced the tariff-related policies, the price of gold rose, first breaking the $3,150 mark. ​
In summary, with the Trump tariff deadline approaching, the future of the cryptocurrency market is filled with uncertainty. What are your thoughts on the upcoming trends in the cryptocurrency market? Feel free to leave your comments and discuss below 👇​

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