Tariff uncertainty pushes Bitcoin below $75,000
Baku, April 7, AZERTAC
The largest cryptocurrency Bitcoin's value fell below $75,000 on Monday due to the ongoing uncertainty about US President Donald Trump's tariff package, Anadolu Agency reports.
The value of the global cryptocurrency market, including Bitcoin, decreased by about 10.58% in 24 hours to $2.39 trillion, Coinmarketcap data showed.
The price of Bitcoin has fallen more than 10% in the last 24 hours to below $75,000 amid uncertainties about the possible consequences of the US' aggressive tariff policy.
Bitcoin, which was traded at $74,980 as of 0700GMT, had a weekly gain of 8.36%.
The US tariff package has raised concerns that a large-scale trade war could erupt which could lead to a global economic slowdown.
Many trading partners, including China and the EU, have already announced countermeasures.
Before Trump announced on April 2 that the US would impose tariffs on 185 countries, the price of Bitcoin was still worth about $87,000.
Trump had promised to make the US the crypto center of the world by supporting digital assets in his election campaign, and he also has a “national bitcoin reserve plan.”
Trump is seen as a supporter of digital currencies but has so far failed to fulfill the hopes of crypto supporters.
Bitcoin hit an all-time high of over $109,000 on the day Trump took office.
The price of Ethereum, which ranks second in terms of market capitalization after Bitcoin, also fell about 22% to $1,421.
Other news in this section
