Bitcoin and other major cryptocurrencies dipped after President Donald Trump imposed tariffs on US trading partners worldwide, triggering a slump in risk assets. The largest digital asset fell as much as 4.5% to about $81,770 as of 10:06 a.m. in New York, while other tokens including Ether and XRP also declined. Solana tumbled 10%.
Trump announced Wednesday that he will apply a minimum 10% tariff on all exporters to the US and slap additional duties on around 60 nations with the largest trade imbalances with the US. China will face a 34% rate, while the European Union will have a 20% levy and Japan is seeing a 24% tariff. Cryptocurrencies bore the announcement relatively well at first, but began to falter as traders began their day in Asia and into the start of equity trading in the US. "As a risk-on asset, cryptocurrencies have generally traded poorly during periods of uncertainty following announcements such as steady high rates or the introduction of trade tariffs," said John Wu, president at Ava Labs.
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