The price of Bitcoin experienced a minor decline on Saturday, trading around $68,000 after a significant announcement from U.S. President Donald Trump. The President stated that due to an additional increase in global tariffs, the cryptocurrency market reacted almost immediately. This announcement followed a recent U.S. Supreme Court ruling that invalidated previous trade actions executed under the International Emergency Economic Powers Act (IEEPA), a decision that Trump characterized as “anti-American.”
In a post shared on Truth Social, Trump revealed that he was raising the previously planned worldwide tariff from 10% to 15%, effective immediately. The President indicated that his administration would take further steps over the coming months to determine and implement new tariffs that align with legal frameworks.
Initially, Bitcoin saw a slight uptick of approximately 0.5% following Trump’s post; however, this was short-lived as the cryptocurrency soon lost nearly 1% of its value. Concurrently, Ether also faced a decline, dropping 0.45% to $1,980.
The tariff increase is particularly notable given that it came on the heels of the Supreme Court’s ruling, which determined that Trump had exceeded his authority in imposing earlier tariffs. The latest announcement raises concerns not just for the cryptocurrency market but also for international trade relations at large. Analysts are monitoring whether such policy changes will have lasting impacts on the evolving landscape of cryptocurrency and its market dynamics.
