US President Donald Trump’s new statements regarding the ongoing trade war with China are creating selling pressure not only in the crypto market but also in the global market.
President Trump said tariffs are a “primary defense of national security,” adding, “Without tariffs, there is no national security.”
President Trump also said the United States is in an active trade war with China and announced that India has promised to stop buying Russian crude oil once the war is over. He said deep animosity between Ukrainian and Russian leaders was preventing peace, and Washington was weighing its options regarding the possibility of a new attack by Ukraine.
President Trump also indicated that he would keep a close eye on the tariff litigation, saying, “I will go to the Supreme Court to monitor the tariff litigation.” Following these statements, investors moved away from risk assets, and cryptocurrencies experienced a temporary decline.
Bitcoin fell 1.47% to $111,000 in 24 hours, and Ethereum fell 3.5% to $3,978. BNB and Solana also fell by 4.4% and 2.5%, respectively.
Chart showing BTC price fluctuations.
*This is not investment advice.
