Bitcoin Holds Steady at $85,000 While Tariff Concerns Pressure Broader Market

The cryptocurrency market posted slight losses on Tuesday, retreating from Monday’s gains following President Trump’s announcement of new potential tariff measures.

Bitcoin (BTC) is up 1% over the past 24 hours, trading at around $85,000. Ethereum (ETH) remained flat at $1,621, while XRP slipped 1% to $2.14. Solana (SOL) also dipped by around 1% to $129.

The overall cryptocurrency market capitalization decreased by 1.7% to $2.76 trillion, according to CoinGecko. Meanwhile, leveraged liquidations over the past 24 hours amounted to $169 million. BTC led with $38 million, followed by ETH with $35 million, according to CoinGlass.

In the exchange-traded fund (ETF) space, U.S. spot Bitcoin ETFs recorded $1.47 million in inflows on Monday, breaking a seven–day streak of outflows, per SoSoValue data. Meanwhile, spot ETH ETFs recorded around $6 million in outflows.

Experts attribute the broader market volatility to President Donald Trump’s ongoing tariff policies, which have created uncertainty and shaken investor confidence.

Tariff Updates

On Monday, Trump announced plans to impose tariffs on imported medicines, raising concerns about higher prices and potential drug shortages.

“We don’t make our own drugs anymore,” Trump said. “The drug companies are in Ireland, and they’re in lots of other places, China.”

The move, experts warn, could disrupt timely access to prescription drugs for patients and create instability in the markets. Pharmaceuticals rank among the top U.S. imports by value, alongside cars and electronics.

“After recently excluding smartphones and computers from new reciprocal tariffs, President Donald Trump indicated potential exemptions for auto parts,” said Bas Kooijman, CEO and Asset Manager of DHF Capital S.A. “However, this was offset by national security investigations into pharmaceutical and semiconductor imports, raising the risk of new trade barriers.”

Kooijman added that investor attention is now turning to upcoming speeches from Federal Reserve officials and macroeconomic data due later this week.