Bitcoin price crashes to $80k as Trump announces tariffs on 50+ countries

Following the U.S. President Donald Trump’s tariff announcement, the price of Bitcoin has witnessed notable volatility today with it falling to $82k

U.S. President Donald Trump's tariff announcement has impacted the crypto market today, with Bitcoin price falling to $82k and ETH, XRP, SOL, and other altcoins dropping significantly in the past 24 hours.

"Liberation Day," where Trump announced tariffs on 50+ countries, caused increased panic in the market, and traders started adjusting their portfolios. While the stock markets in the U.S. closed at decent gains, Bitcoin and other cryptocurrencies saw a bearish reversal, and the total market cap lost over $140 billion in hours.

At the time of writing, Bitcoin price is trading near $83,185, with a 24-hour trading volume of $53.48 billion. It has declined 2.05% in the past 24 hours and dropped as low as $82,220 earlier today, compared to the daily high of $88,500 on leading crypto exchanges.

Despite the market heating up again yesterday, with traders expecting a breakout of $90k, the market faced strong rejection at higher levels, and the prices came crashing down.

While Bitcoin is still hovering above the key $80k support, a further decline might open the door for a deeper correction, aiming for the next pivotal support at $70k.

However, if the bulls manage to defend the current support level and push the price above the $90k resistance again, it could pave the way for a continuation of the uptrend towards the all-time high of $100k and beyond.

Bitcoin price today: Key levels to watch

Support levels: $80k, $70k, $60k

Resistance levels: $90k, $100k, $110k

As Bitcoin faces strong selling pressure at higher levels, Chainlink, Pepe, and other altcoins are also showing signs of a potential bearish reversal.

On the other hand, the altcoin market has been performing poorly in recent days, with major altcoins like Ethereum, Solana, and XRP dropping significantly.

ETH price, which was already in a downtrend, has declined further by more than 4% today, falling below the $1,800 key support.

Similarly, SOL has also fallen significantly, losing 8% in the past 24 hours and now trading near $115, according to the latest market data.

Other major altcoins, including XRP, ADA, TRX, and DOGE, have also declined considerably, with all losing 4.5%, 5.6%, 3.5%, and 7%, respectively.

Given that the market has turned bearish today, none of the top 100 crypto assets have gained notably, with some losing over 10% in the past 24 hours.

Today's Top Gainers

Crypto Asset24h Price Change

Chain (LINK)2.39%

Skale Chain (SKL)1.56%

Arweave (AR)1.48%

Today's Top Losers

Crypto Asset24h Price Change

Anyswap (ANYS)-10.95%

Mina Protocol (MNA)-9.64%

Aave (AAVE)-8.53%

According to CoinMarketCap data, the global crypto market cap today sits at $2.65 trillion, down 0.76% in the 24-hour period. The 24-hour trading volume has increased by 69%, accumulating a total of $131.75 billion.