The day that the White House calls "Liberation Day" has arrived. US President Donald Trump will announce extensive customs tariffs today. Like all markets, Bitcoin and other cryptocurrencies are experiencing the tension of Trump’s announcement, which will take place at 23:00 Turkish time this evening.
There is an uncertainty regarding the content of the announcement. No clues have yet been provided about the extent of the customs duties. It is also unknown which countries will be affected. Trump stated in his announcement on Sunday that the announced tariffs could apply to all countries. On the other hand, U.S. Treasury Secretary Scott Bessent indicated that they are focusing on countries that have the largest trade volume with the U.S. and that put U.S. companies at a disadvantage. It is reported that officials are focusing on approximately 20 countries that export much more to the U.S. and purchase less goods from the U.S. in return. The tariffs will come into effect on the day the announcement is made.
"Risky assets will continue to be under pressure"
Singapore-based crypto trading firm QCP Capital believes that Trump's tariff move will lead to a decline in cryptocurrencies in the short term. "In the short term, we expect all risk assets to continue to be under pressure, but as we get used to the new 'normal', relatively outperformance may be observed in some regions outside the US. As global equity indices continue to rise to new highs, the U.S. may face the risk of being left on the sidelines due to its own policies," the report said. The company underlined that it does not foresee a significant recovery in cryptocurrencies unless there is a radical change or a strong catalyst on the macro front, and said, "We are not willing to chase upward movements until the macro outlook improves."
"It will have negative effects worldwide"
Hours before Trump's announcement, an important statement came from European Central Bank President Christine Lagarde. Lagarde said that the tariffs planned by Trump would have negative effects globally. Lagarde stated, "It will have negative effects worldwide, and the intensity and durability of this effect will vary depending on the coverage, targeted products, duration, and whether negotiations take place or not."
Exchanges opened with a decline
Markets are moving on edge ahead of the anticipated announcement. While European exchanges are experiencing declines today, many Wall Street firms believe that volatility in American markets will increase as details become clearer. Recently, the increasing correlation between Bitcoin and American markets is also putting the cryptocurrency market at risk amid the customs tax agenda.
While Nasdaq opened with a decrease of 1.5% and S&P 500 with a decrease of 1.1%, Bitcoin is trading below 85 thousand dollars.
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Bitcoin and cryptocurrencies on edge: Trump expected
The day that the White House calls "Liberation Day" has arrived. US President Donald Trump will announce extensive customs tariffs today. Like all markets, Bitcoin and other cryptocurrencies are experiencing the tension of Trump’s announcement, which will take place at 23:00 Turkish time this evening.
There is an uncertainty regarding the content of the announcement. No clues have yet been provided about the extent of the customs duties. It is also unknown which countries will be affected. Trump stated in his announcement on Sunday that the announced tariffs could apply to all countries. On the other hand, U.S. Treasury Secretary Scott Bessent indicated that they are focusing on countries that have the largest trade volume with the U.S. and that put U.S. companies at a disadvantage. It is reported that officials are focusing on approximately 20 countries that export much more to the U.S. and purchase less goods from the U.S. in return. The tariffs will come into effect on the day the announcement is made.
"Risky assets will continue to be under pressure"
Singapore-based crypto trading firm QCP Capital believes that Trump's tariff move will lead to a decline in cryptocurrencies in the short term. "In the short term, we expect all risk assets to continue to be under pressure, but as we get used to the new 'normal', relatively outperformance may be observed in some regions outside the US. As global equity indices continue to rise to new highs, the U.S. may face the risk of being left on the sidelines due to its own policies," the report said. The company underlined that it does not foresee a significant recovery in cryptocurrencies unless there is a radical change or a strong catalyst on the macro front, and said, "We are not willing to chase upward movements until the macro outlook improves."
"It will have negative effects worldwide"
Hours before Trump's announcement, an important statement came from European Central Bank President Christine Lagarde. Lagarde said that the tariffs planned by Trump would have negative effects globally. Lagarde stated, "It will have negative effects worldwide, and the intensity and durability of this effect will vary depending on the coverage, targeted products, duration, and whether negotiations take place or not."
Exchanges opened with a decline
Markets are moving on edge ahead of the anticipated announcement. While European exchanges are experiencing declines today, many Wall Street firms believe that volatility in American markets will increase as details become clearer. Recently, the increasing correlation between Bitcoin and American markets is also putting the cryptocurrency market at risk amid the customs tax agenda.
While Nasdaq opened with a decrease of 1.5% and S&P 500 with a decrease of 1.1%, Bitcoin is trading below 85 thousand dollars.
Published: April 2, 2025 16:36