Bitcoin experienced a decline, trading around $67,526, as uncertainties surrounding trade policies resurfaced. Over the last 24 hours, Bitcoin fell about 1.4%, and its weekly performance reflects a drop of roughly 2.1%. This downturn follows President Donald Trump’s announcement to increase the worldwide tariff rate from 10% to 15%. This decision comes in the wake of a recent Supreme Court ruling that invalidated previous emergency trade measures, which had momentarily appeared to limit Washington’s capacity to impose sweeping tariffs ahead of Trump’s anticipated visit to Beijing on March 31.
Despite the Supreme Court’s ruling, which could have restricted aggressive tariff actions, the administration opted for a global rate hike, intensifying pressure on trade partners amid ongoing legal disputes. As a result, China now faces a 15% tariff in line with U.S. allies, applicable within a 150-day framework. This complicated landscape leaves markets grappling with both escalating tensions and uncertainty, factors that generally suppress risk appetite among investors.
The losses extended beyond Bitcoin to other significant cryptocurrencies, reflecting a broader downturn across the market. Ether saw a decline of 1.8%, trading at $1,951, marking a 2.5% drop over the week. XRP suffered a notable 4.4% loss on the day and an 8.4% drop over the past week, settling at $1.39. Other cryptocurrencies also faced declines; Solana fell 3.8% to $83.25, Dogecoin dropped nearly 5% within 24 hours and over 11% throughout the week, while Cardano decreased by 4.3% and BNB saw a 2.3% easing.
The trade tensions are not solely an Asian concern, as European lawmakers have expressed caution regarding the progression of the Turnberry Agreement. They have indicated a need for clearer commitments from Washington regarding trade policy before making any further strides.
For the time being, the cryptocurrency market appears closely intertwined with macroeconomic developments. Until there is a more stable tariff policy, digital assets are likely to respond to broader market sentiments rather than being driven by exclusive influences from the cryptocurrency sector.
