Bitcoin Falls By 10% Following Trump’s Global Tariff Announcement

In the cryptocurrency world, there was widespread celebration when President Trump was re-elected, as he had promised to make the United States the “crypto capital of the planet.” Dubbed “the first Bitcoin president,” Trump initially boosted industry confidence.

However, he’s now presiding over a Bitcoin slump. Following his recent global tariff announcements, Bitcoin’s price dropped by 10%, falling below $78,000 on Sunday night. This is a sharp decline from its record high of nearly $110,000 in January on Trump’s inauguration day.

This rapid downturn highlights Bitcoin’s vulnerability to broader market fluctuations since the announcement of Trump’s import taxes. Many investors treat Bitcoin like a tech stock, seeing it as a risky asset to offload during uncertain times.

Despite the recent challenges, Trump has largely fulfilled his promises to support the crypto industry, appointing pro-crypto regulators and signing an executive order to create a government Bitcoin reserve.