Crypto Markets Bounce as Trump’s Tariffs Take Effect

Bitcoin traded as low as $81,400 on Tuesday morning before surging to $88,000.

Crypto markets started Tuesday deeply in the red after U.S. President Trump’s trade tariffs against Canada, Mexico, and China went into effect at midnight.

However, digital assets staged a rebound later in the day, buoyed by bullish price action across global stock markets, especially the tech-heavy Nasdaq, which is up 0.7% on the day after plunging as much as 2% shortly after the open.

Bitcoin rebounded above $88,000 after trading as low as $81,400. Ether briefly traded under $2,000 for the first time since November 2023. XRP gained 3%, while SOL is down 2% in the past 24 hours.

The overall crypto market capitalization is down 1.4% in the past 24 hours to $2.99 trillion, according to Coingecko.

Among the Top 100 digital assets, Worldcoin (WLD), Injective (INJ), and Render were the biggest losers, down between 9% and 12%.

Meanwhile, Aave is today’s best performer, rallying 12% on the release of overhauled tokenomics, followed by Cardano (ADA), which gained 6%.

Around 295,000 leveraged traders were liquidated for a total of $948 million in the past 24 hours, according to CoinGlass. Bitcoin accounted for $350 million, while ETH made up $190 million.