Trump revealed a 25% tariff on auto imports scheduled to commence next week, eliciting backlash from lawmakers and industry figures while provoking warnings of price increases from international automakers.
At 12:07 PM IST, Bitcoin was valued at $85,925, reflecting a 1.8% decrease in the past 24 hours, while Ethereum fell by 5.1% to $1,923. The total market capitalization of cryptocurrencies dipped by 2.35% to $2.79 trillion.
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“Market sentiment is unstable, influenced by macroeconomic dynamics such as Trump’s auto tariff announcement,” stated Avinash Shekhar, Co-Founder & CEO of Pi42.Among notable altcoins, XRP fell 4.8%, Solana decreased by 3.7%, Dogecoin declined by 7%, and Cardano lost 4.4%. Chainlink, Avalanche, Hedera, Shiba Inu, and Stellar experienced declines ranging from 2% to 7%.
Also Read: Bitcoin and the psychology of wealth: Robert Kiyosaki discusses why many remain financially challenged Bitcoin’s market capitalization fell to $1.703 trillion, with its dominance rising to 61.08%. However, its 24-hour trading volume decreased by 0.55% to $26.42 billion. Stablecoin transactions made up 97.17% of the total crypto trading volume, amounting to $79.01 billion, as reported by CoinMarketCap.”Bitcoin continues to fluctuate around $87,000 amidst renewed U.S. tariff concerns,” remarked Vikram Subburaj, CEO of Giottus. “Both crypto and other risk-sensitive markets are expected to remain volatile leading up to and following this deadline.”
“Sentiment in the market is firmly in the ‘Fear’ zone, with the Crypto Fear and Greed Index at 44,” he added.
Riya Sehgal, a Research Analyst at Delta Exchange, highlighted that Bitcoin made an attempt to recover above $86,800 but is facing challenges in overcoming resistance at $88,000–$88,200. “A breakthrough above these numbers could reignite bullish momentum; however, until that happens, downside risks are present,” she noted.
Sehgal further commented that Trump’s tariff announcement has added volatility across markets. “With the release of the PCE Index data today, traders are preparing for possible shifts in macro sentiment. Traditionally, Bitcoin has been viewed as an alternative store of value during times of economic uncertainty, although its short-term correlation with risk assets remains clear.”
Also Read: $TRUMP Meme Coin plunges 85%! Peter Schiff cautions that more Americans will lose money in crypto than ever before
(Disclaimer: The recommendations, suggestions, views, and opinions presented by the experts are their own and do not represent the views of the Economic Times)
