As the Trump administration intensified its worldwide tariff approach, cryptocurrency prices plummeted and the US stock futures market opened significantly lower on April 6.
Beginning on April 5, the Trump administration imposed a 10% tax on all nations, with some being struck with higher rates—China at 34%, the EU at 20%, and Japan at 24%.
Bitcoin BTC was trading at $77,883 after falling more than 6% during the previous day. According to CoinGecko, Ether ETH $1,561 dropped more than 12% within the same period and was now trading at $1,575. At $2.5 trillion, the overall value of the cryptocurrency market fell more than 8%.
Since then, prices have recovered some of their losses. At $78,500, Bitcoin has regained 1.4%. Ether, meanwhile, got $1,594 back.
Meanwhile, in its most recent update on April 7, the Crypto dread & Greed Index, which gauges market sentiment for Bitcoin and other cryptocurrencies, recorded a score of 23, which is regarded as high dread.
Charlie Sherry, head of finance at Australian cryptocurrency exchange BTC Markets, said in a statement that the decline is not unusual given Sundays tend to be less liquid for global markets.
“Therefore, a few significant sell-offs may have a disproportionate effect, rapidly lowering prices,” he stated.
