On Wednesday, US President Donald Trump announced reciprocal tariffs on more than 180 countries, marking his self-proclaimed “Liberation Day.” The tariffs, which ranged from 10% to 50%, caused significant selling pressure on cryptocurrencies, leading to a nearly 10% decline in the market.
The announcement resulted in declines across European and Asian stock markets, with US futures losing over 3% the following day. Among the largest trading partners of the US, the European Union faced a 20% tariff, China 34%, and Japan 24%. Bitcoin dropped from $88,000 to $82,000, and many altcoins saw losses of up to 10%. The total market value of cryptocurrencies fell from $2.8 trillion to $2.6 trillion.
