In a most unexpected turn of events, the crypto markets found themselves stumbling like a tipsy debutante at a ball, all thanks to the grandiloquent proclamations of none other than President Donald Trump. With the flourish of a maestro, he announced a 25% tariff on aluminum and steel, igniting yet another round in the never-ending saga of the US trade war. One can only imagine the steelworkers in their hard hats, nodding sagely as they pondered the implications of such a move.
“Any steel coming into the United States,” Trump declared, “will be subject to this tariff.” A statement so bold it could make even the most seasoned politician blush. The Associated Press, ever the diligent chronicler of such affairs, reported this on the 9th of February, as if it were the latest gossip from the drawing rooms of Washington.
But wait, there’s more! The White House, in a fit of reciprocal enthusiasm, would also impose tariffs on countries that dare to levy import fees on US goods. “If they are charging us 130% and we’re charging them nothing, it’s not going to stay that way,” Trump proclaimed, as if he were revealing the secret to eternal youth rather than a trade policy.
In the wake of this announcement, the crypto markets dipped momentarily, bleeding like a wounded animal. However, like a phoenix rising from the ashes, Bitcoin (BTC) managed to claw its way back over $97,000 after a brief flirtation with the $94,000 mark, according to the ever-reliable CoinMarketCap. 🦅
Meanwhile, Ether (ETH) decided to join the party, returning to its former glory after a low of $2,537, now basking in the limelight at $2,645. It’s almost as if the cryptocurrencies were playing a game of musical chairs, with each one trying to outdo the other in a display of resilience.
However, the total crypto market cap took a bit of a nosedive, plummeting from $3.15 trillion to $3.10 trillion, before recovering to a respectable $3.13 trillion. A rollercoaster ride that would make even the most seasoned investor clutch their pearls in horror.
As for the Crypto Fear & Greed Index, it has been languishing in the depths of fear for the past week, with an average score of 44 out of 100. The latest update on February 10 revealed a fear rating of 43, down from 46 the previous day. One can only wonder if the index is in need of a good therapist. 🥴
Trump, ever the ambitious architect of tariffs, has grand plans to extend his reach to the EU, superconductors, oil, gas, steel, and copper. It’s as if he’s playing a game of Monopoly, but with real-world consequences.
On February 1, he launched a 25% tariff against major trading partners Canada and Mexico, and a 10% on China, sending both stock and crypto markets into a tailspin. Estimates of liquidations have varied wildly, with Bybit co-founder and CEO Ben Zhou speculating that they could have reached a staggering $8 billion to $10 billion. A sum that could make even Scrooge McDuck raise an eyebrow.
Yet, the crypto market, ever the resilient creature, rebounded after the planned tariffs on Mexico and Canada were paused for 30 days on February 3. However, Trump, in his infinite wisdom, has not ruled out reinstating the levies once the pause period expires. One can only hope the markets are ready for another round of this high-stakes game.
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2025-02-10 04:49