The cryptocurrency market fell on Tuesday just two days after the surge as investors were in charge of President Donald Trump's tariffs to enable tariffs in Canada and Mexico.
The value of digital assets rose sharply after Trump announced the “crypto-strategic reserve” Sunday. He said it includes Bitcoin, Ethereum, XRP, Solana and Cardano. Those profits have evaporated after the president moved forward with a long-term threat of 25% tariffs on nearly all imports from Canada and Mexico that came into effect midnight Tuesday morning. Let me know. (Related: Crypto Market surges after Trump announces five coins included in his strategic reserve)
“And I just say this to people in Canada and Mexico. If they're going to build auto plants, then the people who do them are much better building here because we have a market,” Trump told reporters Monday. “We're the market where they sell best.”
https://www.youtube.com/watch?v=vfuew8_xrjo
Trade tensions have caused Bitcoin prices to fall above 10%, with similar declines for other coins in Trump's proposed crypto sanctuary.
Mexican President Claudia Sheinbaum said on Sunday he would announce “tariff and non-tariff” measures in retaliation against US tariffs. Press conference Tuesday.
Canadian Prime Minister Justin Trudeau has also announced a 25% retaliation tariff on American goods. Press conference Monday. Canada and Mexico are two largest US trading partners.
“Our tariffs will be in place until US trade measures are withdrawn, and if US tariffs do not cease, we are actively and continuing discussions with the states and the territories to pursue some non-tariff measures,” Trudeau said.
Commerce Secretary Howard Lutnick defended the president's tariffs on Monday Interview On CNBC News.
“Hopefully Mexico will realize this is not a trade war,” he said. “This is the war on drugs. If they can prove to the president that they can stop the flow of fentanyl and stop the flow of fentanyl, then of course the president can remove these tariffs. But you saw that, it wasn't a statistically related reduction in American deaths.”
Trump, who? I said Cryptocurrency was “not money” and “based on a thin air” in 2019, and could potentially position the US as a leader in the digital assets field, becoming increasingly friendly with the industry through its 2024 presidential campaign, cultivating a more crypto-friendly regulatory environment. In the month following his election last November, Bitcoin surged by more than 40%, surpassing its all-time high, exceeding $100,000.
Bitcoin priced around $82,000 as of Tuesday morning.
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