Markets are bracing for details of new reciprocal tariffs set to be unveiled at 1:30 a.m. IST, which could take effect immediately. Trump has already imposed tariffs on aluminum, steel, and autos, alongside increased duties on Chinese imports—moves that have rattled financial markets amid fears of an economic slowdown.
As of 11:23 AM IST, Bitcoin was trading at $84,196, up 1.3% in the last 24 hours, while Ethereum gained 1.1% to $1,862. The overall cryptocurrency market capitalization rose 0.46% to $2.7 trillion.
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“Trump’s tariff announcement could significantly impact crypto market momentum. The heightened uncertainty in global financial markets has increased Bitcoin’s correlation with traditional assets. BTC is currently below $85,000 as some investors shift toward traditional assets to hedge against the effects of a trade war,” said Shivam Thakral, CEO of BuyUcoin.Alankar Saxena, Co-founder and CTO of Mudrex, noted, “Bitcoin’s RSI has rebounded from oversold levels, suggesting further upside if momentum continues. However, Trump’s announcement could influence market direction. If BTC sustains at these levels, a move above $87,000 is possible, with key support at $80,000.”
Also Read: BlackRock debuts Bitcoin exchange-traded product in EuropeAmong major altcoins, XRP, BNB, Solana, Dogecoin, Toncoin, Chainlink, Avalanche, and Shiba Inu were down up to 4%, while Tron, Uniswap, and Pepe traded higher.Bitcoin’s market capitalization climbed to $1.669 trillion, with its dominance rising to 61.83%. Trading volume surged 6% to $28.79 billion, while stablecoin transactions accounted for 94.5% of total crypto trading, reaching $75.1 billion, according to CoinMarketCap.
“For Bitcoin, holding above $83,500 is key to maintaining its bullish structure. A decisive break above $85,500 could open the door for further upside, though near-term consolidation remains likely. In this environment, disciplined risk management is crucial,” said Riya Sehgal, Research Analyst at Delta Exchange.
Also Read: Bitcoin and the psychology of wealth: Robert Kiyosaki on why most people stay poor
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
