Bitcoin Dips as Trump Imposes 25% Steel and Aluminum Tariffs
Crypto Markets React to New US Tariffs on Steel and Aluminum
The crypto market experienced a temporary dip following US President Donald Trump’s latest tariff announcement, which imposed a 25% levy on imported steel and aluminum.
According to a Feb. 9 report by the Associated Press, Trump stated that any steel or aluminum entering the US would face these new tariffs. Additionally, he vowed to introduce reciprocal tariffs against countries imposing heavy import fees on US goods.
“If they are charging us 130% and we’re charging them nothing, it’s not going to stay that way,” Trump said.
Bitcoin Drops to $94K Before Rebounding
Following the announcement, Bitcoin (BTC) briefly fell to $94,000 before recovering above $97,000, according to CoinMarketCap.
📌 Market Recap:
Meanwhile, the Crypto Fear & Greed Index remains in fear territory, averaging 44 out of 100 over the past week. The latest Feb. 10 reading shows a further dip to 43, down from 46 the previous day.
More Tariffs on the Horizon?
Trump has also proposed new tariffs on the European Union, superconductors, oil, gas, steel, and copper, signaling further economic uncertainty.
📌 Trade War Timeline:
Bybit CEO Ben Zhou estimates that crypto liquidations from the initial tariff wave may have ranged between $8 billion and $10 billion.
What’s Next?
While the market has shown resilience, volatility remains high as traders monitor potential tariff escalations. If Trump reinstates tariffs on Mexico and Canada after the pause period, another round of market fluctuations could follow.
