Crypto markets steady as traders await Trump's tariff announcement
Cryptocurrency markets showed limited movement on Monday night as investors braced for U.S. President Donald Trump's "Liberation Day" tariff announcement, scheduled for Wednesday.
Bitcoin (CRYPTO:BTC) rose 1.8% to $83,172, while Ether gained 1.74% to $1,837.
Other major cryptocurrencies, including XRP and Solana, recorded minor increases.
The upcoming tariff announcement has created uncertainty across financial markets. Trump is expected to introduce reciprocal tariffs targeting trade imbalances with key partners, a move that could escalate into a global trade war.
“Right now, the market is in a wait-and-see mode,” said Min Jung, an analyst at Presto Research. Jung noted mixed sentiment among traders, with some viewing recent dips as buying opportunities while others remain cautious until further clarity emerges.
Bitcoin's performance in the first quarter of 2025 has been its worst since 2018, dropping 11.82%.
After peaking above $108,000 in January, the cryptocurrency fell below $80,000 amid sweeping tariffs imposed by the Trump administration on goods from Canada, Mexico, and China.
The decline coincided with unexpectedly high Consumer Price Index data and concerns about prolonged Federal Reserve interest rate hikes.
Trump has framed April 2 as "Liberation Day," promising to free the U.S. from reliance on foreign goods through tariffs that match those imposed on American exports.
While some analysts view this as part of his "America First" trade policy aimed at revitalising domestic industries, others warn of potential inflationary effects and economic retaliation from trade partners.
Economists have raised concerns about the broader impact of these tariffs on U.S. consumers and businesses. Import taxes often lead to higher prices for goods and services, reducing consumer confidence and delaying investments.
Despite short-term volatility, some experts predict a potential recovery in the crypto market during the second quarter.
“Bitcoin could test $100,000 again if macroeconomic factors align,” said Enmanuel Cardozo of Brickken.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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