Are Trump’s Tariffs Behind the Crypto Market Crash?
New U.S. tariffs taking effect on February 1, 2025, could be adding pressure to the cryptocurrency market. President Trump has imposed a 25% tariff on Canadian and Mexican imports and a 10% tariff on Chinese goods.
While these tariffs mainly target traditional industries, they may be impacting crypto miners who rely on imported hardware. Leading ASIC and GPU manufacturers, such as Bitmain and Canaan, are based in China, meaning higher import costs could drive up operational expenses—potentially contributing to market uncertainty and selling pressure.
It’s also good to note that both Mexico and Canada has imposed “retaliated” tariffs on the usa.
