Asian financial markets and the virtual asset (cryptocurrency) market are both showing weakness due to President Donald Trump's tariff policy.
Asian financial markets and the virtual asset (cryptocurrency) market are both showing weakness.
On the 7th (Korean time), Bloomberg News reported that the virtual asset market is plummeting with the start of the Asian financial markets.
As of 10:11 AM on this day, Bitcoin (BTC) is recording a 5.80% drop compared to the previous day, standing at $78,675.
In addition, Ethereum (-12.56%), XRP (-10.82%), and Solana (-12.75%) also showed weakness.
Bloomberg News evaluated this by stating, "Despite President Trump's tariff policy, digital assets showed some resistance unlike U.S. stocks, but eventually fell significantly due to the selling pressure today."
Cosmo Zhang, General Partner at Pantera, explained, "The current downtrend is driven by macroeconomic factors," adding, "It's not due to deeper economic issues but a phenomenon caused by tariffs."
Sean McNulty, Head of Asia-Pacific at FalconX, stated, "The pressure from put options is strong," and added, "Bitcoin selling may continue."
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