#TrumpTariffs
Bitcoin, Ethereum drop as Trump confirms 104% tariffs on China
Bitcoin, Ethereum, and most altcoins are down amid an unprecedented US tariff hike on China.
Crypto markets are still reeling from the latest US tariff hike. On Tuesday, April 8, the White House confirmed that the tariff on all goods from China will increase to 104%, effective on April 9, 12:01 AM, Eastern Time.
Shortly after this announcement, Bitcoin (BTC) dropped to a daily low of $76.508, while Ethereum (ETH) bottomed at $1.454. The drop was likely due to fears of the negative effects these unprecedented tariffs would have on the global economy.
The White House’s decision came after China failed to respond to Donald Trump’s ultimatum. Namely, the U.S. president threatened an additional 50% tariff hike if China did not revoke its 34% retaliatory tariffs on U.S. goods on April 8.#Trump's #tariffstrump $BTC