Tariff Tussle: Will Crypto Come Out on Top? 🤔💸
Oh, darling, it’s a bit of a kerfuffle, isn’t it? The markets are in an absolute tizzy over President Trump’s tariff tantrum. Crypto prices took a tumble, but don’t worry, dear, it’s all just a bit of a bump in the road.
Starting April 5, all countries will be subject to a 10% tariff, with some getting a bit of a harder time—China at 34%, the EU at 20%, and Japan at 24%. One does wonder, darling, if Trump’s arithmetic skills are a bit… suspect. “Half of what they charge us”? Really, dear?
David Hernandez, a crypto investment expert at 21Shares, is being a bit of a sage, saying that while the announcement caused volatility, it also brought clarity. Ah, yes, markets do love a good dose of certainty, don’t they? Now that speculation is off the table, institutional investors may step in to take advantage of lower prices. How thrilling, darling!
Hernandez also pointed out that the tariff rates were slightly higher than expectations, but the announcement provided much-needed clarity on the scope and scale of the policy. One supposes that’s a bit of a silver lining, dear.
Now, the question on everyone’s lips is: how will other countries react? Hernandez speculates that Mexico, along with major East Asian economies like China, South Korea, and Japan, might be considering countermeasures. Oh, the drama! The intrigue!
Bitcoin (BTC) had been having a bit of a party, hitting a high of $88,500 before dropping 2.6% to $82,876. Ethereum‘s price took a big dive, dropping more than 6% from $1,934 to $1,797, according to CoinGecko. The whole crypto market wasn’t far behind, going down by 5.3%, which brought the total market cap to $2.7 trillion. Good heavens, darling!
Investors got a bit spooked, and the Crypto Fear & Greed Index dropped to 25, showing there’s a lot of fear and uncertainty right now. But, darling, after the sharp drop, prices started to recover. Bitcoin recovered 0.8% to reach $83,205, while Ether climbed 1.2% to $1,810. How’s that for a bit of a rollercoaster, dear?
Stock markets weren’t spared, either. The S&P 500 lost a staggering $2 trillion in market cap—roughly $125 billion per minute, according to The Kobeissi Letter. Good show, Trump, good show!
Rachael Lucas, a crypto analyst at BTC Markets, explained that traders initially saw the tariff news as a relief from uncertainty, but panic set in when the full details came out. “Trading volume surged 46% as investors rushed to reposition. Big players took profits on the spike, while smaller investors hesitated,” she said. Ah, the drama, darling!
The big question now is how other countries will respond. If China or the EU retaliate, expect another round of market turbulence. U.S. Treasury Secretary Scott Bessent warned against retaliation, saying the current tariffs represent the “high end” of the scale—suggesting things won’t escalate further unless other countries push back. Oh, dear, the plot thickens!
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2025-04-03 11:02