Trump’s targeted mutual tariffs cancel the Bitcoin rally and erase profits for the day

US President Donald Trump has announced mutual tariffs on all countries with trade ties with the United States.

Trump said he would establish various tariff rates for countries based on the tariffs the US imposes on American goods.

The news led to a massive surge in volatility across key markets, including Crypto, and the announcement wiped out any profits recorded earlier in the day.

Bitcoin (BTC) first rose to $88,500, but Trump went on stage, but soon returned to the daily opening price to around $85,100 before sliding again after the speech.

Based on the encrypted data, BTC remained downtrend and was trading at $84,382 as of press time. This has decreased by 0.99% over the past 24 hours.

The legacy risk market, including stocks, saw similar volatility, but gold was considered a safe asset and returned to an all-time high of nearly $3,100.

A similar movement was seen in the broader crypto market, with the majority of digital assets wiping away profits for the day and trading in red.

Ethereum (ETH) traded at $1,880 at press time after a 1.66% decline that day and rose to $1,957 earlier in the day.

Solana (Sol) fell 1.59% per day, trading at $128.3 at press time, while BNB fell 2.16%, trading at $597 at the same time.

XRP fell 2.55%, while Dogecoin (Doge) fell 2.45% to $0.1688, a 2.55% drop.

Investors have been cautious about exposure to risky assets for weeks due to lack of clarity regarding Trump’s tariff plans.

While the initial response to the news was negative for Bitcoin and stocks, the resulting clarity on tariffs could reduce the uncertainty in the market that kept investors at bay.

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