Bitcoin Drops 4% to $82,000 After Trump's Tariffs Set for April 5

Bitcoin and other major cryptocurrencies experienced a decline following President Donald Trump's announcement of new tariffs on imports from over 50 countries, including a 34% rate on Chinese imports and a 20% rate on European Union products. The tariffs, aimed at countering unfair trade practices and set to take effect from Saturday, April 5, have led to increased volatility in the crypto market, with Bitcoin dropping by 4% to around $82,000 from a peak of $110,000.

The broader economic uncertainty triggered a sell-off in risk assets, causing the crypto market to lose $100 billion in market capitalization within hours. Ethereum dropped to $1,845, while other altcoins like Solana fell over 9%. Despite no tariffs being imposed on cryptocurrencies themselves, the market reacted to the economic implications of the tariffs.

The TRUMP memecoin, associated with former President Trump, saw a 10% decline amid rising economic risk indicators. Meanwhile, gold reached a record high of $3,160 per ounce, reinforcing its status as a safe-haven asset. The tariffs are expected to disrupt the Bitcoin mining sector, with many large miners based in the US and reliant on Asian supply chains.

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