Trump’s 50% Tariffs Send Bitcoin Price Below $110,000
Bitcoin’s price has fallen below $110,000, presumably because US President Donald Trump imposed steep 50% tariffs on most Indian goods, triggering a flight to the US dollar and quickly causing volatility in the cryptocurrency market.
The 50 percent tariff has seen Indian exporters join the group of countries with the highest duties on goods imported into the United States from abroad. Brazilian exporters have faced a similar problem when shipping goods to the United States.
The tariffs have had an immediate impact on currency markets. The Indian rupee (INR) has fallen sharply against the US dollar, hitting a new all-time low. The dollar’s strength is creating a “liquidity squeeze” for risk assets like cryptocurrencies as investors sell their holdings to move into less volatile assets.
The move is expected to disrupt global supply chains and has already come under fire from Indian authorities.
Redirection of funds to US dollar caused a fall Bitcoin by 2,82% in less than 24 hours, causing its price to fall below the key $110,000 level.
The crypto market followed suit, with leading altcoins posting notable declines as investors reassess the new level of geopolitical risk facing the digital asset space.
