Trump’s Tariff Announcements Shake Markets: Stocks and Crypto Plummet
Recent statements from former U.S. President Donald Trump regarding tariffs have sent shockwaves through both the traditional and crypto markets. Trump firmly declared:
“There is no room for negotiation on tariffs with Mexico and Canada anymore.”
As a result, the stock market experienced a sharp downturn:
- Dow Jones: -1.7%
- S&P 500: -2%
- NASDAQ: -2.6%
Meanwhile, the crypto market took an even harder hit:
- Bitcoin (BTC): -8%
- Ethereum (ETH), Solana (SOL), XRP, Cardano (ADA): -14% to -16%
Notably, even the Mexican peso and Canadian dollar declined following the announcement.
The turmoil doesn’t stop there. Trump also revealed that tariffs on agricultural imports will take effect starting April 2. More significantly, he vowed to double tariffs on Chinese imports from 10% to 20%.
Market and Bitcoin Outlook
From a technical perspective, Bitcoin has filled the CME gap and closed the weekly candle at a key level, but an uptrend has yet to form. Based on current market sentiment, BTC is likely to test the $76K–$77K range before confirming its next move. According to NFTe analysis, the current price action appears to be a relief rally within the 91K – 96K range. However, the admin’s key short position is still targeting 96.6K, waiting for a reaction before further downside.
Source: TradingView
BlackRock Continues Depositing BTC and ETH on Coinbase
BlackRock has once again moved a significant amount of crypto to Coinbase, depositing 1,818 BTC (~$160M) and 7,800 ETH (~$16M).
This marks the fifth consecutive day of BlackRock transferring funds to the exchange. Notably, in the past 4 days, every deposit was followed by net selling, totaling $930M in net outflows.
Moreover, BlackRock’s Bitcoin ETF has recorded 6 consecutive sessions of net outflows, amounting to ~$1.3B in total withdrawals – a clear indication that selling pressure remains dominant.
