Daily Crypto Signals: Trump’s Trade Tariffs Send Bitcoin Below $100K, Triggering Broader Market Decline
After US President Donald Trump’s declaration of new import taxes on China, Canada, and Mexico, the market for cryptocurrencies saw notable volatility as Bitcoin sank below $100,000.
While a smart Ethereum trader made $16 million from a leveraged short position, the market response underlined crypto’s sensitivity to macroeconomic events.
Crypto Market Developments
As President Trump signed an executive order imposing a 25% tariff on imports from Canada and Mexico and a 10% tariff on Chinese goods, the scene of cryptocurrencies globally faced new difficulties. According to the White House release, these actions seek to make these countries answerable for pledges about drug trafficking and illegal immigration. These tariffs, according to market analysts, could cause more inflation and higher interest rates, therefore deterring investors from risk assets like cryptocurrency.
Notably, Ajay Seth, India’s secretary of economic affairs, said the nation is reevaluating its position on cryptocurrencies in light of changing worldwide regulations. This policy evaluation suggests a more general institutional embrace of digital assets in line with Trump’s founding of the Working Group on Digital Asset Markets.
Bitcoin Drops Under $94,000
Over the past week, Bitcoin’s price dropped over 7.4%, to under $94,000. BTC/USD trades below the crucial $100,000 mark, hence it suffers technical pressure even if it performs better than most altcoins. Chief analyst Ryan Lee of Bitget Research says Bitcoin might achieve acceptance at $95,000. Nonetheless, other analysts—including Jeff Park of BitWise—argue that given possible dollar depreciation and global currency debasement, Trump’s trade war might finally propel Bitcoin values “violently higher”.
Ethereum Fails to Hold $3,000
Falling under $3,000 with an 14% reduction over the past week, Ethereum ETH/USD had a more rapid fall than Bitcoin. One investor made a large trading profit from this downturn—$15.7 million from a 50x leveraged short position launched at $3,388. Nansen analyst Aurelie Barthere notes competition from other layer-1 protocols in areas such apps, use cases, and staking and says Ethereum needs more fundamental blockchain activity to reverse its six-week downturn.
Top Altcoins to Watch
Several altcoins have shown resilience amid the market downturn:
- MANTRA (OM): Maintaining strength despite the market correction, with bulls defending key support levels and potential for a move toward $6.63 if it breaks above current resistance.
- Monero (XMR): Shows promise near the $225 level with strong support at the 20-day EMA ($219), targeting potential moves to $265 and $290 if momentum returns.
- Mantle Token (MNT): Consolidating between $1.28 and $1.04, showing potential for a breakout move with targets at $1.42 and $1.52 if bulls prevail.
- Gate Token (GT): Forms a symmetrical triangle pattern near $22, with potential for a rally to $25.96 if it breaks above the downtrend line.
