The crypto market momentum appears to have slowed down after US President Donald Trump announced new tariffs. On Wednesday, April 3, Bitcoin reflected a price drop of around two percent on international exchanges. Bitcoin price currently stands at $83,577 (roughly Rs. 71.5 lakh) on global platforms, according to CoinMarketCap. On Indian exchanges, Bitcoin price logged a minor loss to trade within the range of $86,387 (roughly Rs. 74 lakh) and $87,558 (roughly Rs. 75 lakh).
“The US imposed 10 percent base tariffs on all countries, along with different slabs on different countries. Bitcoin faced volatility after President Trump’s ‘Liberation Day’ tariff announcements. The asset was gaining strength and surged above $88,000 (roughly Rs. 75.3 lakh) but dropped below $84,000 (roughly Rs. 71.9 lakh). The market sentiments continue to remain fearful,” the CoinDCX market desk told Gadgets 360.
Ether dropped in price by 1.60 percent on foreign exchanges to trade at $1,830 (roughly Rs. 1.56 lakh). On Indian exchanges, the asset recorded a price dip of under two percent to trade at $1,930 (roughly Rs. 1.65 lakh).
“The whole crypto market is bleeding in red with most of the prominent altcoins having collapsed. Ether is facing bearish trends. Crypto markets, already prone to macroeconomic change, responded violently to the tariff news. The repercussions demonstrate how external policy decisions still influence the direction of the crypto market in unexpected ways,” said Avinash Shekhar, Co-Founder and CEO, Pi42.
The crypto price tracker by Gadgets 360 showed majority altcoins trading in losses.
These include Solana, Binance Coin, Dogecoin, Cardano, Avalanche, and Polkadot.
Chainlink, Avalanche, Stellar, Litecoin, and Uniswap also tumbled over the last day.
The overall crypto market cap slipped by 1.68 percent in the last 24 hours. At present, the valuation of the sector stands at $2.67 trillion (roughly Rs. 2,28,64,130 crore), shows CoinMarketCap. The dominance of Bitcoin and Ether on the crypto market stands at over 61 and around eight percent, respectively.
Meanwhile, Litecoin, Cosmos, Iota, Status, and Braintrust managed to register minor profits in the otherwise slowed down market.
