Crypto Market Plunges: Trump Tariffs Fuel $800M Liquidations

Monday saw a sharp decline in the cryptocurrency market following President Trump’s announcement of major new tariffs on goods traded with China. China responded swiftly by imposing 34% duties on all U.S. imports, starting April 10th. This escalation has raised concerns about an impending trade war and triggered widespread investor anxiety about its impact on the crypto market. Bitcoin is down over 10%, plunging below $78,000 after the announcement. 24-hour trading volume for Bitcoin surged to $44 billion, indicating a high level of activity.