Trump's Tariff Threat Sends Bitcoin Tumbling

The crypto market took a sharp downturn after President Donald Trump announced his plan to impose a "straight 50% tariff on the European Union"

The crypto market experienced a downturn after President Donald Trump announced his plan to impose a “straight 50% tariff on the European Union” beginning next month. The president's statement, posted on his preferred communication channel—X, formerly known as Twitter—elicited immediate reactions from the crypto community.

"I will be putting a straight 50% tariff on the European Union, starting July 1," Trump wrote. "This will be in response to their duties, which are in the process of being paid to the U.S. It is a factor that has kept our economy from being even stronger. The R.E.F. will be collecting the tariffs in FACTOR 1. The factor is already at 50%. If the E.U. wants to cancel their duties, which they have not, they will call to cancel the tariffs!"

The president's trade threats come as trade tensions between the U.S. and China continue to escalate, and economists warn of a potential recession later this year.

The total crypto market cap dropped 3% in the past 24 hours, with Bitcoin and major altcoins posting red candles.

Crypto Fear & Greed Index

The crypto market is known for its volatility, and traders are already speculating on whether this is the start of a deeper correction in the market. However, it's important to note that Bitcoin is still up over 40% year-to-date, and major altcoins like Ethereum and Cardano have seen even steeper gains in 2024.

The crypto market has been on a bull run since the beginning of the year, with Bitcoin hitting a 15-month high of $118,000 in February. The market has pulled back slightly since then, but prices are still significantly higher than they were at the start of the year.

The crypto market is expected to remain volatile in the coming months, as traders react to macroeconomic uncertainty and the latest developments in the crypto space. However, the long-term outlook for the market remains positive, as Bitcoin and other major cryptocurrencies continue to gain popularity and adoption around the world.input: After a brief respite, President Donald Trump announced his plan to impose a “straight 50% tariff on the European Union” starting next month. The president's statement, posted on X, formerly known as Twitter, elicited immediate reactions from the crypto community.

"I will be putting a straight 50% tariff on the European Union, starting July 1," Trump wrote. "This will be in response to their duties, which are in the process of being paid to the U.S. It is a factor that has kept our economy from being even stronger. The R.E.F will be collecting the tariffs in FACTOR 1. The factor is already at 50%. If the E.U. wants to cancel their duties, which they have not, they will call to cancel the tariffs!"

The president's trade threats come as trade tensions between the U.S. and China continue to escalate, and economists warn of a potential recession later this year.

The total crypto market cap dropped 3% in the past 24 hours, with Bitcoin and major altcoins posting red candles.

Crypto Fear & Greed Index

The crypto market is known for its volatility, and traders are already speculating on whether this is the start of a deeper correction in the market. However, it's important to note that Bitcoin is still up over 40% year-to-date, and major altcoins like Ethereum and Cardano have seen even steeper gains in 2024.

The crypto market has been on a bull run since the beginning of the year, as Bitcoin hit a 15-month high of $118,000 in February. The market has pulled back slightly since then, but prices are still significantly higher than they were at the start of the year.

The crypto market is expected to remain volatile in the coming months, as traders react to macroeconomic uncertainty and the latest developments in the crypto space. However, the long-term outlook for the market remains positive, as Bitcoin and other major cryptocurrencies continue to gain popularity and adoption around the world.output: President Donald Trump announced on X, formerly known as Twitter, that he will be putting a “straight 50% tariff on the European Union” starting next month.

The president's statement elicited immediate reactions from the crypto community, who saw it as a potential catalyst for macroeconomic uncertainty and market volatility.

“I will be putting a straight 50% tariff on the European Union, starting July 1,” Trump wrote. “This will be in response to their duties, which are in the process of being paid to the U.S. It is a factor that has kept our economy from being even stronger. The R.E.F will be collecting the tariffs in FACTOR 1. The factor is already at