Crypto Market Slumps as Trump's Tariffs Spark Fears

Crypto Market Remains Bearish Amidst Tariff Concerns

The crypto market remained bearish over the weekend, with major cryptocurrencies trading in the red. Bitcoin (BTC) hovered between $96,000 and $97,000 before dipping below $95,000 on Monday. Ethereum (ETH) fell just over 1%, trading below the crucial $2,700 level. Solana (SOL) struggled to stay above $200, registering a decline of nearly 1%. Other altcoins also registered substantial declines, with Litecoin (LTC) and Polkadot (DOT) bucking the trend, up over 8% and 0.50% respectively. The crypto market cap remained marginally down at $3.17 trillion.

Hong Kong Accepts Crypto as Proof of Assets for Investment Immigration

Hong Kong has become the latest region to accept cryptocurrency as proof of assets for investment immigration. A client successfully used crypto worth HK$30 million as proof of assets to apply for investment immigration to the Hong Kong Investment Promotion Agency. This is the second case in Hong Kong where cryptocurrency has been recognized as an investment, following a similar case in October 2024 involving an individual who used Bitcoin as proof of assets.

Markets Uneasy as Trump Announces New Tariffs

The crypto market stumbled as President Donald Trump announced tariffs on aluminum and steel, the latest in an escalating trade war. Trump stated that any steel coming into the US would face a 25% tariff. He also said the White House will launch reciprocal tariffs on countries levying import fees on US goods. The crypto market dropped following the announcement, with losses across the board. However, they have since made a steady recovery. BTC dipped below $95,000 before recovering to its current level. ETH also registered a drop after the announcement, dropping to a low of $2,537 before recovering and moving to its current level. The Crypto Fear & Greed Index remains in the fear territory.

Bitcoin (BTC) Price Analysis

Bitcoin (BTC) remained sluggish over the weekend, hovering between $96,000 and $97,000. However,