The turmoil in the cryptocurrency market comes after US President Trump announced major global tariffs on April 1 which included a 10% tariff on all imports and additional taxes on about 60 countries
The price of Bitcoin has dropped significantly amid the ongoing global financial market volatility caused by US President Donald Trump’s tariff announcements. According to data from CoinMarketCap, the world’s best-known cryptocurrency dropped to around $77,500 over 24 hours after trading for over $80,000 for most of this year. This was a drop of around 5% on Sunday.
Rival cryptocurrencies like Ethereum and Solana suffered even bigger drops, sinking by around 12% within 24 hours of trading. Ethereum – the second biggest cryptocurrency globally – slipped by around 9.6% to just under $1,618. The overall crypto market dropped by around 7% during the same period.
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According to reports, the crypto market continues to decline today, with falls seen during the early Asian trading session. According to CoinGecko data, the top 10 global cryptocurrencies are also trading in the red.
The turmoil in the cryptocurrency market comes after US President Trump announced major global tariffs on April 1 which included a 10% tariff on all imports and additional taxes on about 60 countries.
The President refused to back down over the weekend, which has also had major implications on the traditional London Stock Exchange this morning. In London, the FTSE 100 slumped nearly 5% within the first 10 minutes of opening, following sharp falls in the financial markets in Asia.
More than £100billion was wiped off the FTSE 100 in the space of a minutes today and Wall Street is bracing itself for a possible repeat of 1987’s “Black Monday”. This morning’s drop has already knocked another £1.8trillion off global markets – even before the start of trading in the US.
Over the last decade, crypto has grown in popularity, with many people treating it as an investment opportunity. This is because it is seen as an innovative digital asset and is viewed as a diversification away from traditional assets such as shares, bonds and property. However, it’s important to note that the majority of the market is not regulated by the Financial Conduct Authority (FCA) in the UK.
According to the financial regulator, not all cryptocurrencies are the same, but they “all pose high risks” and are “speculative as an investment” as the market can be incredibly volatile.
The FCA explains: “You should never invest money into crypto that you can’t afford to lose. If you decide to invest in crypto then you should be prepared to lose all your money.”
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