Amid worries of a possible global trade war, investors eagerly monitored U.S. President Donald Trump’s upcoming tariff announcement on Wednesday, which caused major cryptocurrencies to display varied movements.
Markets are anticipating information on new reciprocal tariffs that may go into force right away and are scheduled to be announced at 1:30 a.m. IST. Trump has already raised charges on Chinese imports and slapped tariffs on steel, aluminum, and automobiles. These actions have shook financial markets due to concerns about a slowing economy.
At 11:23 AM IST, Ethereum had up 1.1% to $1,862, while Bitcoin was up 1.3% to $84,196 over the previous day. The total market value of cryptocurrencies increased by 0.46% to $2.7 trillion.
“The momentum of the cryptocurrency market may be greatly impacted by Trump’s tariff decision. The link between Bitcoin and conventional assets has grown as a result of the growing unpredictability in international financial markets. According to Shivam Thakral, CEO of BuyUcoin, “BTC is currently below $85,000 as some investors move toward traditional assets to hedge against the effects of a trade war.”
“Bitcoin’s RSI has recovered from oversold levels, suggesting further upside if momentum continues,” said Alankar Saxena, co-founder and CTO of Mudrex. Trump’s statement, nevertheless, may affect the course of the market. A rise over $87,000 is feasible if Bitcoin holds steady at present levels, with $80,000 serving as a crucial support.
While Tron, Uniswap, and Pepe saw stronger trading, the following big cryptocurrencies had declines of up to 4%: XRP, BNB, Solana, Dogecoin, Toncoin, Chainlink, Avalanche, and Shiba Inu.
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Bitcoin’s dominance increased to 61.83%, while its market valuation increased to $1.669 trillion. According to CoinMarketCap, stablecoin transactions made up 94.5% of all cryptocurrency trade, amounting to $75.1 billion, while trading volume increased by 6% to $28.79 billion.
“The key to preserving Bitcoin’s bullish structure is keeping it above $83,500. Further upside may be possible if there is a clear break over $85,500, although consolidation is still expected in the immediate term. Disciplined risk management is essential in this setting, according to Delta Exchange Research Analyst Riya Sehgal.
