Following Donald Trump's victory in the elections, the cryptocurrency market suffered significant losses due to new tariff policies.
On April 7, Bitcoin dropped by 5.3%, falling to $74,600, the lowest level since November 7, according to Bloomberg.
Bitcoin declines: Trump's tariffs harm the crypto market
According to CoinGecko, the market capitalization of cryptocurrencies decreased by approximately 12%, reaching $2.47 trillion, matching the level post-Trump's election.
Ethereum fell to its lowest point since March 2023, trading at $1,418.
This decline is linked to Trump's new tariffs, which have caused significant losses in global financial markets, estimated in trillions of dollars.
Charlie Sherri, head of BTC Markets, noted in her analytical report that investors, who previously believed cryptocurrencies were resilient to tariff policies, have now entered active sell-off mode.
Data from Coinglass shows that around $868 million in cryptocurrency positions were liquidated in the last 24 hours, marking the highest figure in the past six weeks.
500 billionaires lost over $200 billion due to Trump's tariffs
On the evening of April 2, U.S. President Donald Trump announced the imposition of new "reciprocal tariffs" on imports from various countries.
The tariffs will be: 20% for the EU, 46% for Vietnam, 32% for Taiwan, 24% for Japan, 25% for South Korea, 36% for Thailand, 31% for Switzerland, 32% for Indonesia, 24% for Malaysia, 49% for Cambodia, 10% for the UK, and 30% for South Africa. Ukraine will have a basic tariff of 10%. The new tariffs do not apply to Russia and Belarus.
The total wealth of the world's 500 richest people decreased by $208 billion due to the significant tariffs.
Trump drove Bitcoin to an all-time high
Bitcoin surged to a record high of over $106,000 after newly elected President Donald Trump proposed creating a strategic reserve of Bitcoins in the country.
A few hours before the inauguration of newly elected President Donald Trump, Bitcoin set a new record, surpassing $109,000.
On February 25, Bitcoin fell below $90,000, reaching the lowest level since mid-November.
On December 5, Bitcoin hit a record high of $100,000, while the previous day its price was $95,000.
This was the highest figure in history.
On November 12, Bitcoin rose approximately 32% after the U.S. elections, reaching an historic peak of $89,599.