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- 🚀 Gate $PUMP Futures Trading Challenge is Now Live!
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Trump's European Decision Deals a Heavy Blow to Bitcoin: Price Falls Below 83 Thousand Dollars! - Coin Bulletin
Bitcoin, after the announcement of US President Donald Trump imposing a 25% customs duty on the European Union, sharply fell to $82,455.
Bitcoin (BTC) fell more than 5% yesterday, dropping to $82,455. The biggest reason behind this decline was the announcement of new customs tariffs by US President Donald Trump on the European Union (AB).
The cryptocurrency market and US stock exchanges experienced a sharp decline after Trump's first cabinet meeting on Wednesday. Trump stated that they will impose a 25% tariff on the European Union.
Following the announcement, the price of Bitcoin fell below the $84,000 level, while the leading US stock index S&P 500 also dropped to its intraday low.
According to the Financial Times, Trump used the phrase "We have made a decision and will announce very soon. The rate will be 25 percent". Although he stated that these taxes would be applied in a generalized manner, he specifically mentioned that they would cover automobile imports.
Trump also announced that the start date of customs tariffs for Mexico and Canada has been postponed from March 4 to April 2. However, this move dampened the morale of investors who were expecting an uptrend in the market and accelerated the decline of Bitcoin.