Bitcoin (BTC) Price Plunges as President Trump's New Tariffs Rock Crypto Assets

Crypto assets are witnessing a fresh wave of liquidations as President Trump's new tariffs rock global markets.

The administration of President Trump has imposed new tariffs on a wide range of goods from several countries, aiming to counter what he calls "unfair trade practices" and protect American jobs.

However, the move has sparked volatility in both traditional and digital asset markets, leading to massive liquidations in crypto assets.

According to CoinGlass, about $518 billion in liquidations were recorded in the last 24 hours, mainly driven by a sharp drop in Bitcoin’s price.

The flagship cryptocurrency's price slid from a high of $87,790 to $82,223 by 07:04 ET.

The Dow Jones Industrial Average fell more than 1,000 points in after-hours trading, while the S&P 500 futures decreased by 3.5% and the Nasdaq 100 futures dropped 4.2%.

Trump’s executive order, imposing a 10% tariff on all goods entering the US, will take effect on April 5th.

The President said the tariffs are necessary to protect domestic manufacturing jobs and reduce the trade deficit.

"We have been the victims of unfair trade practices for far too long," Trump said at a news conference in the Rose Garden.

"These tariffs are a necessary step to level the playing field and ensure that America's economic interests are protected."

Trump's administration has imposed tariffs on goods from China, Canada, Mexico, the European Union and other countries in recent years.

The tariffs have sparked complaints from businesses and consumers, who will pay higher prices for goods.

But the President said the tariffs are needed to save American jobs and industries from foreign competition.

"We want to have trade with other nations, but it has to be fair trade," Trump said.

"We cannot continue to allow other countries to take advantage of us and steal our jobs."

The new tariffs will apply to a wide range of goods, including apparel, footwear, furniture and food.

The tariffs on China, which range from 18% to 54% on specific goods, are in response to what Trump calls "unfair trade practices" by the Chinese government.

The tariffs will take effect on April 9th.