Breaking: Trump Just Released An Official Statement About New Tariffs On Aluminum & Steel. Tensions Re-Ignited

On February 10th, President Trump surprised the global trade community by announcing a 25% tariff on aluminum and steel imports. The announcement triggered a massive response by the market, and the crypto community was hit the hardest. Things were already dicey due to the latent possibility of a trade war. With this new announcement, tensions are high, and the signs are showing. 

As soon as the news was broken, there was another set of sharp dips in the crypto prices. BTC, one of the biggest crypto assets, plunged to $94,000 and dipped. Subsequently, other digital assets like XRP, ETH, and Memecoins have also taken a hit. There have been widespread dipping in prices upto 5% at a time. There was some bullish movement after last week’s announcement. However, this announcement has tanked upward movement and affected the overall ecosystem.  

The new tariff would affect major aluminum and steel-producing companies like Canada, Brazil, and Mexico. This will play a role in the overall stability of the world economy. This can affect the overall trade policies and might even incite major-scale trade wars. As a result, the announcement will destabilize the overall landscape. The process has already started, and signs of major-scale liquidity are becoming apparent in the crypto market.  

Clouds Of Trade War 

The clouds of a possible trade war are currently looming in the skies of global trade. Trump just announced his updated tariff. As a result, there is a sense of palpable tension in the atmosphere. Currently, XRP is trading at $2.40, which is 2.83% of its original value during the previous close. Meanwhile, DOGE is currently traded at $0.25, lower than 2.48% compared to its previous close.  

Analysts at Newscrypto believe that BTC is also joining the bandwagon as prices of most crypto start plummeting. Subsequently, it must be noted that BTC currently holds 60% of the total market value. As a result, the chances of BTC being impacted are the highest, followed by ETH.  

Given the history and the trajectory of the crypto community, there might be another mass liquidation event that might follow soon. Therefore, tensions are high, and the world is currently looking at major crypto whales to understand what the next move should be. Follow for more crypto news.