Cryptocurrency traders are bracing for a major announcement from President Donald Trump, who plans to introduce tariffs targeting 15 nations including major economies like China, Canada, and Mexico. This move is being dubbed the ‘Day of Liberation,’ and it’s anticipated to significantly impact Bitcoin (BTC) and other cryptocurrencies. While recent market gains have pushed Bitcoin past $100,000, its current price range around $85,000 throughout March reflects ongoing market uncertainty. These newly proposed tariffs could trigger heightened volatility in the cryptocurrency sector. 2% S&P 500 index drop recently indicates a growing trend of risk aversion among investors. As cryptocurrencies become increasingly closely linked to traditional assets, they are likely to react to developments in financial markets. Recent US tariffs have influenced trade dynamics and broader financial market sentiment. A significant 2% decline in the S&P 500 is an indication of a decrease in risk appetite amongst traders. The impact on cryptocurrencies aligns with this trend. Marc Ostwald, Chief Economist at ADM Investor Services International, notes that investors are seeking safer assets as equities and bonds experience declines. Gold is seeing a substantial surge (18% increase), prompting many to seek its protective properties. Meanwhile, Bitcoin’s potential to rival gold in the long-term has been explored by experts. Omid Malekan from Columbia Business School believes that if economic uncertainty persists and the US dollar weakens, Bitcoin could regain popularity as a safe haven asset. Zach Pandl, Research Director at Grayscale, expresses cautious optimism that current price levels may already reflect the worst case scenario, opening room for improvement. He suggests a gradual market reaction to tariffs might be more likely than a sudden upheaval. However, Bitcoin’s potential return to a similar role as gold in times of economic instability will remain to be seen.