10.02.2025 10:02
The decision by U.S. President Donald Trump to impose a 25% tariff on steel and aluminum temporarily affected the cryptocurrency markets. However, Bitcoin and Ether continue to attract investors' attention, showing signs of recovery.
The 25% tariff on aluminum and steel products announced by U.S. President Donald Trump has created a stir in the markets as a new move in global trade wars. Although the cryptocurrency markets experienced a brief decline following this announcement, significant currencies like Bitcoin and Ether quickly showed signs of recovery. The effects of this decision on international trade and investors are a matter of curiosity.
Tariffs Echoed in Global Markets
The new tariffs announced by U.S. President Donald Trump led to short-term fluctuations in the cryptocurrency markets. According to sources who wished to remain anonymous, the Trump administration decided to impose a 25% tariff on all steel and aluminum products imported into the U.S.
In his statement regarding the issue, Trump said, "If they are charging us a 130% tax and we are not charging them anything, this situation will not continue." The President emphasized that retaliatory measures would be taken against countries that impose import taxes on U.S. products.
Following the announcement of the new tariff decisions, the fluctuations in the cryptocurrency market did not last long. According to market data, Bitcoin briefly fell to $94,000 but recovered to rise above $97,000. Similarly, Ether reached $2,645 after experiencing a drop from $2,537.
The total value of the cryptocurrency markets declined from $3.15 trillion to $3.10 trillion in a short time, but then rose to $3.13 trillion, partially recovering its losses.
The Crypto Fear & Greed Index, which measures market sentiment, remained low throughout last week, averaging 44 out of 100. The index's recent update showing a drop from 46 to 43 indicates that the uneasy atmosphere in the market continues.
The Trump administration also plans to impose new tariffs on various products such as superconductors, oil, gas, steel, and copper. The tariffs of 25% on Canada and Mexico and 10% on China, implemented on February 1, had caused sharp declines in both stock and cryptocurrency markets.
Ben Zhou, co-founder and CEO of Bybit, predicts that the liquidation amount in the market could be between $8 billion and $10 billion.