Bitcoin Drops to $83,000 Amid Trade Wars and Uncertainty
Bitcoin continued its decline on Tuesday, reaching a four-month low amid escalating global trade wars and uncertainty surrounding Donald Trump's cryptocurrency policy.
The leading digital currency fell nearly 9%, hitting $83,405. During the session, the price dipped as low as $82,755. Major altcoins also suffered significant losses, erasing recent gains driven by Trump’s statements about creating a national crypto reserve.
Short-Lived Impact of Trump’s Statements
Last Sunday, Bitcoin and other cryptocurrencies surged after Trump named five digital assets that could be included in a government reserve. However, the lack of details regarding its creation and funding quickly dampened investor enthusiasm.
Uncertainty over the future regulation of the U.S. cryptocurrency market continues to pressure prices. The Trump administration is expected to provide further details at the first cryptocurrency summit at the White House, scheduled for Friday.
Trade War Escalation Reduces Appetite for Risky Assets
The crypto market has also been affected by worsening global economic conditions. The U.S. imposing 20% tariffs on China and 25% tariffs on Canada and Mexico has heightened investor concerns. Although trade wars do not directly impact cryptocurrencies, increased market tension weakens interest in riskier assets.
As a result, investors are shifting to safe-haven assets such as gold and the Japanese yen, adding further downward pressure on the crypto market.
Sharp Decline in Altcoins
Besides Bitcoin, other cryptocurrencies suffered major losses:
- Ethereum (ETH) fell by 14% to $2,106.28
- XRP dropped 16.1% to $2.3597
- Solana (SOL) and Cardano (ADA), previously included in Trump’s reserve list, lost 18.9% and 22.7%, respectively
- Polygon (MATIC) declined 15.5%
- Dogecoin (DOGE) decreased 15.2%
- $TRUMP token plunged 22.8%, returning to record lows
Investors remain wary of further instability due to U.S. policy uncertainty and potential global economic downturns.
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