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Market Cap
24h Vol
12762
Cryptocurrencies
58.66%
Bitcoin Share
The Coin Rise 2025-02-02 08:00:29

Bitcoin Slips Below $100K as Trump’s Tariffs Spark Market Retaliation

Bitcoin Slips Below $100K as Trump’s Tariffs Spark Market Retaliation

Bitcoin fell below the $100,000 mark for the first time in nearly a week after U.S. President Donald Trump signed an executive order imposing tariffs on imports from Canada, Mexico, and China. The cryptocurrency briefly touched $99,111 before rebounding to $100,400 at the time of writing. The sweeping tariff policy includes a 25% duty on Canadian and Mexican imports and a 10% levy on goods from China, with energy resources from Canada facing a lower 10% tariff. Trump defended the move as a bold measure to “hold these countries accountable” for issues including illegal immigration and drug trafficking. Global Retaliation and Impact on Bitcoin The announcement triggered swift responses from affected nations. Canadian Prime Minister Justin Trudeau revealed plans to impose a 25% tariff on $106.5 billion worth of American products. Meanwhile, China’s Ministry of Commerce also announced it would lodge a complaint with the World Trade Organization and prepare “countermeasures.” Mexico’s President Claudia Sheinbaum instructed her government to implement “Plan B,” a defense strategy involving tariff and non-tariff responses aimed at safeguarding national interests. These geopolitical tensions contributed to heightened market volatility. Coinglass data indicates that approximately $21.29 million in long Bitcoin positions were liquidated in just four hours. Divided Opinions Within the Crypto Industry The crypto community remains split over how the escalating tariff war might influence the digital asset market. Dan Gambardello, founder of Crypto Capital Venture, dismissed concerns, remarking that “BlackRock is still accumulating BTC and ETH while retail investors panic during consolidation.” Jeff Park, Bitwise Invest’s head of alpha strategies, took a bullish stance, suggesting that prolonged trade conflicts could benefit Bitcoin over the long term . However, not everyone shares this optimism. Adam Cochran, partner at Cinnaeamhain Ventures, warned of impending financial hardship. “Bitcoin is not isolated enough from global economic forces; it trades like triple-leveraged tech stocks. This scale of economic squeeze means pain for everyone,” Cochran noted. The post Bitcoin Slips Below $100K as Trump’s Tariffs Spark Market Retaliation appeared first on TheCoinrise.com .

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