- Trump’s tariffs sent Bitcoin and its crypto cousins tumbling faster than a cat in a bathtub. 🐱💦
- Fear gripped the market, but the big players kept stacking Bitcoin like it’s the last slice of pizza. 🍕
Well, folks, the cryptocurrency market took a nosedive faster than a politician’s promises after U.S. President Donald Trump decided to slap tariffs on just about everyone. 🌍💥
On April 2nd, Trump rolled out a 10% tariff blanket, with extra spice for China, the European Union, and Japan. 🍲 His White House speech was all about “rebalancing trade,” but the markets reacted like they’d just been told the ice cream truck was out of stock. 🚚😱
How did Trump’s tariff mess with the crypto world?
At first, the crypto market did a little happy dance, thinking, “Hey, tariffs might be good for us!” But then reality hit like a ton of bricks, and Bitcoin [BTC] dropped 2.6% to $82,876. Ethereum [ETH] wasn’t spared either, tumbling 6% to $1,797. 📉💔
The total crypto market cap shrunk by 5.3% to $2.7 trillion, and the Crypto Fear & Greed Index plunged to an “extreme fear” rating of 25. 😨 Spot Bitcoin ETFs saw $157.8 million walk out the door, while Ethereum ETFs lost $3.6 million. 💸
But wait! On the same day, BTC ETFs somehow managed to pull in $218.1 million, while ETH ETFs lost $51.3 million. Go figure. 🤷♂️
Bitcoin and Ethereum clawed back some ground, but the market’s still as shaky as a Jenga tower in an earthquake. Even the S&P 500 lost over $2 trillion. Yikes. 🏚️
Secretary Bessent and the gang weigh in
U.S. Treasury Secretary Scott Bessent tried to calm the storm, telling trading partners to chill and not retaliate with their own tariffs. 🕊️ In a Bloomberg interview, he said the new tariffs are the “high end” of the scale, and avoiding countermeasures could bring some much-needed stability. 🌈
Meanwhile, Daan Crypto Trades had this to say:
And Arthur Hayes, co-founder of BitMEX, chimed in with:
“Mrkt no likey ‘Liberation Day’. If $BTC can hold $76.5k between now and US tax day April 15, we’re out of the woods. Don’t get chopped up!” 🪓
What’s next for Bitcoin and friends?
Despite the tariff-induced chaos, on-chain data shows institutions are still hoarding Bitcoin like it’s gold during a zombie apocalypse. 🧟♂️ Technical patterns suggest there’s strength beneath the surface, and growing political support for digital assets could make Bitcoin a go-to hedge in these uncertain times. 🛡️
So, while the market’s been roughed up, Bitcoin’s still standing tall, ready to weather the storm. 🌪️💪
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2025-04-03 13:16