Bitcoin, Ether, SOL, Cardano, XRP Prices Drop Following President Trump’s Latest Move
Crypto prices witness shakeups amid United States trade wars and evolving policy stances. The last headwind for the market is Donald Trump’s new tariff on steel and aluminum in the United States. Bitcoin...
Crypto prices witness shakeups amid United States trade wars and evolving policy stances. The last headwind for the market is Donald Trump’s new tariff on steel and aluminum in the United States. Bitcoin prices plunged below $98K before picking up as traders hope to regain lost ground. Altcoins also posted shock exits as fear and uncertainty grip most traders.
Trump’s Steel and Aluminum Tariff
President Donald Trump revealed that the United States would impose a 25% tariff on all steel imports to the country, including from Mexico and Canada. This adds to the ongoing tariff changes implemented by the Trump administration, highlighting trade tensions. These tariffs were recorded much earlier in this administration than in his last time in the White House.
“Any steel coming into the United States is going to have a 25% tariff,” President Trump told reporters ahead of the Super Bowl, adding that aluminum will also be part of the tariffs. Furthermore, he reaffirmed that reciprocal tariffs will be announced within the week on countries, adding, “If they are charging us 130% and we’re charging them nothing, it’s not going to stay that way.”
Meanwhile, Bitcoin and related stocks tumbled at the news, leading to growing negative sentiments in the market. In recent weeks, crypto assets have recorded negative levels due to the United States’ trade wars with Canada, Mexico, and other countries. The launch of Chinese AI startup DeepSeek also sparked sharp exits in U.S. tech stocks and Bitcoin prices.
Present market conditions have taken away gains recorded by the Trump effects. Donald Trump’s second term was widely anticipated in the United States as a bullish factor for crypto after pledging to make the country the global Bitcoin capital and ending Biden’s administration’s war on the industry. While initial effects spiked the asset’s price above $107k, recent policies remain bearish.
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Wider Market Impacted
US steel companies were major gainers from the tariff announcement, as their stock jumped above 6%. Meanwhile, the total crypto market cap plummeted 2% to $3.16 trillion with slow positive activity. Altcoin prices dipped alongside Bitcoin as Ethereum (ETH), Cardano (ADA) and meme coins fell. ETH price nosedived 3% below $2,700, while Cardano fell 0.2% after the announcement. The largest exits came in meme coins, as expected, as several assets saw double-digit outflows.
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