Bitcoin experienced a decline of 3.5% on Tuesday as President Trump’s increasing tariff measures continued to unsettle the cryptocurrency markets.
The price of Bitcoin fell to $79,000 following Trump’s announcement of an additional 25% tariff on steel and aluminum imports from Canada, before making a comeback to $81,200 as U.S. stock markets opened.
This drop represents the latest development in a turbulent time for Bitcoin, which has been struggling to gain traction amid rising trade conflicts.
Market reactions indicate increasing worries about the potential effects of protectionist trade strategies on the overall economy. Following Trump’s initial announcement of extensive tariffs on China, Mexico, and Canada in early February, Bitcoin plummeted below $100,000, resulting in the loss of hundreds of billions from the cryptocurrency market.
Overall, Bitcoin has risen nearly 6% over the last 12 hours after dipping to $77,000 overnight.