Hassan Maishera
TL;DR
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BTC has dipped to the $79k level, taking its total losses to 19% in the last seven days.
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President Trump unveiled plans to impose tariffs on its neighbors Mexico and Canada.
More Tariff Plans Sink Bitcoin
The cryptocurrency market was extremely bearish this week, with Bitcoin and other major cryptocurrencies in the red. This was one of the worst weeks for Bitcoin in recent months as it lost 19% of its value in the last seven days.
At press time, BTC is trading at $79,149, down 8% over the past 24 hours. The bearish performance comes as President Trump announced on Thursday that he plans to impose tariffs on neighbors Mexico and Canada starting March 4.
The tariffs on Canada and Mexico come alongside doubling the 10% universal tariff charged on imports from China.
The concerns for the tariffs boosted demand for the U.S. dollar and saw the Dollar index surge higher. This negatively affected Bitcoin and other risk-based assets.
Altcoins are also in the red, with Ether losing 10% of its value and risk dropping to the $2k level if the bearish trend continues. Dogecoin (DOGE) and Cardano (ADA) are the worst performers in the top 10, losing over 11% of their values.
Solana’s SOL is down 10% and now trades just above $127 per coin, while BNB has dipped to $568 after losing 8% of its value. With Bitcoin and altcoins underperforming, the total cryptocurrency market cap has dropped to $2.63 trillion, down 8% from Wednesday.
