Trump's Tariffs Send Bitcoin Tumbling
1min read Nidhi Kolhapur, a prominent figure in the cryptocurrency industry, has been in the news recently due to the impact of U.S. President Trump's tariff announcements on the cryptocurrency market, particularly Bitcoin.
On Thursday, January 31, 2025, President Trump announced that 25% tariffs on Mexico and Canada would commence on February 1. This news sent Bitcoin prices tumbling, with the cryptocurrency falling 2% to around $104,000. U.S. stocks also gave up some gains but still ended the day higher.
White House spokesperson Karoline Leavitt confirmed the tariffs, stating, "The President will be implementing tomorrow 25% tariffs on Mexico, 25% tariffs on Canada, and a 10% tariff on China for the illegal fentanyl that they have sourced and allowed to distribute into our country, which has killed tens of millions of Americans."
On Friday, Reuters reported that the tariffs would be delayed until March 1, with a process allowing countries to request exemptions for certain exports. However, the White House quickly rejected this, with Press Secretary Karoline Leavitt confirming that the tariffs, including a 10% levy on China, would take effect the next day.
Trump's tariffs and possible retaliation from Canada and Mexico could affect $1.6 trillion in North American trade, potentially ending the free trade system that has connected the three countries for over 30 years.
Like Thursday, Bitcoin had risen above $106,000 and appeared ready to break the $109,000 mark. However, the tariff news caused prices to tumble down again, with Bitcoin trading just under $103,000, down 2.3% in the past 24 hours.
This news highlights the interconnectedness of global markets and the impact of geopolitical events on cryptocurrency prices. As the situation unfolds, investors and traders will continue to monitor the developments closely.
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