On February 10, 2025, President Trump’s announcement of a 25% tariff on all steel and aluminum imports caused a dip in the total cryptocurrency market. The news added to growing trade tensions, leading to a decline in crypto prices, with Bitcoin falling to $94,000, and other cryptocurrencies like XRP, and Dogecoin recorded drops of more than 4%.
The new tariffs are set to apply to several countries, including major steel and aluminum suppliers like Canada, Brazil, and Mexico. This uncertainty surrounding trade policy is fueling a broader market downturn, with investors becoming more cautious amid fears of potential economic slowdowns. This move also escalates tensions in his ongoing trade policy overhaul.
As for Bitcoin, there’s significant liquidity beneath current price levels, suggesting that by Monday or Tuesday, the price might drop to capture this liquidity. The market could react negatively, pushing the price below liquidity support and leading to much lower levels, including potential drops to $88K. Despite the volatility, large investors are accumulating Bitcoin, with over 70,000 BTC leaving exchanges in the past week, signaling they see the current price as a buying opportunity.
Looking ahead, analysts suggest Bitcoin’s price may consolidate until a major event—like a regulatory announcement or technological breakthrough—shifts market sentiment. Despite recent market instability, Bitcoin continues to dominate the sector, holding steady above 60% market share.
The tariff issue raises questions about Bitcoin’s role as a hedge, as recent events challenge this idea. U.S. regulators are still figuring out digital asset frameworks, especially in an election year. As the market awaits more details on the tariffs, cryptocurrencies are seen as both vulnerable to global shocks and increasingly valuable as strategic assets.
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