Bitcoin Slides as Trump’s 15% Tariffs Renew Trade Uncertainty
Bitcoin has dropped to approximately $67,500, continuing its weekly decline as renewed trade tensions and legal uncertainties surrounding U.S. tariffs put pressure on risk assets. President Donald Trump has increased the global tariff rate to 15 percent, even in the face of a Supreme Court ruling that opposed previous emergency trade measures, thereby maintaining pressure on China and other partners. Major cryptocurrencies such as Ether, XRP, Solana, Dogecoin, Cardano, and BNB experienced declines as digital assets remained aligned with broader macroeconomic trends and trade developments.
Bitcoin dipped back toward $67,000 during Sunday trading as trade uncertainty reemerged, with investors considering new tariff escalations alongside a changing legal landscape in the U.S. BTC traded at approximately $67,526, reflecting a decline of about 1.4% in the last 24 hours and around 2.1% for the week. The action comes in response to President Donald Trump’s choice to increase the global tariff rate to 15% from 10%, even after a recent Supreme Court ruling that struck down previous emergency trade measures. The court’s ruling seemed to momentarily restrict Washington’s capacity to impose broad tariffs in anticipation of Trump’s scheduled visit to Beijing on March 31. The administration opted to raise the global rate, intensifying pressure on trade partners despite ongoing disputes over the legal basis.
China is now subject to the same 15% levy that has been imposed on U.S. allies, with this rate applicable over a 150-day period. Markets are currently grappling with a mix of escalation and uncertainty, a scenario that typically suppresses risk appetite. Losses were broad acorss crypto majors. Ether experienced a decline of 1.8%, settling at $1,951, marking a 2.5% drop over the last week. XRP experienced a decline of 4.4% today and 8.4% over the past week, settling at $1.39. Solana experienced a decline of 3.8% over the past 24 hours, settling at $83.25. Meanwhile, Dogecoin saw a drop of nearly 5% for the day and over 11% for the week. Cardano experienced a decline of 4.3%, while BNB saw a decrease of 2.3%.
Trade friction extends beyond the borders of Asia. European lawmakers are expressing caution regarding the progression of the Turnberry Agreement, indicating a desire for more definitive commitments from Washington on trade policy prior to any advancement. Currently, the cryptocurrency market is closely tied to macroeconomic news. As long as tariff policy remains uncertain, digital assets are expected to align more closely with overall risk sentiment instead of being driven solely by factors intrinsic to the crypto space.
