From February to April 2022, Trump repeatedly imposed or threatened to impose tariffs, leading to several drastic fluctuations in the cryptocurrency market.

- After announcing tariffs on Canada, Mexico, and China on February 1, Bitcoin saw a single-day drop of 8.7%, with a total market capitalization shrinking by $455 billion, and the derivatives market clearing over $2.1 billion.

- On April 7, "Black Monday," the BTC price fell below $77,000, with a total liquidation of $986 million across the network, and large whale positions were forced to liquidate due to on-chain clearings, causing mainstream coins like ETH to drop over 15%.

- The market's immediate reaction to tariff policies typically manifests as panic selling, with risk assets being the first to suffer, though news of tariff suspensions can trigger a brief rebound. Imposing tariffs raises the prices of imported goods, exacerbating inflationary pressures and forcing the Federal Reserve to reassess its policies during the interest rate cut cycle.

The cryptocurrency market has not yet decoupled from macro risks, but the long-term trend may be dominated by the interplay of policies and capital in the short term. Stricter tariff policies may replay historical volatility, especially if the Federal Reserve turns hawkish due to inflationary pressures, which would subject the cryptocurrency market to a dual blow of tightening liquidity and declining risk appetite. However, in the long run, improvements in regulatory frameworks, inflows of institutional capital, and technological innovations may gradually weaken the impact of macro shocks, pushing the market towards relative independence.