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Bitcoin, Broader Market Dip After Trump Plans to Impose 25% Tariffs on EU
Bitcoin and S&P 500 both fell to their session low after Trump talked about tariffs at his first cabinet meeting on Wednesday.
Updated Feb 27, 2025, 9:38 a.m. Published Feb 26, 2025, 7:04 p.m.
What to know:
Bitcoin's (BTC) price and the broader equity market fell to their session lows on Wednesday after U.S. President Donald Trump said he plans to impose a 25% tariff on the European Union during his first cabinet meeting.
The price of bitcoin fell below $84,000, dropping more than 5% in the last 24 hours, while the S&P 500 fell to its session low. The broader digital assets market index CoinDesk20 also fell 2.3% on Wednesday.
“We have made a decision and we’ll be announcing it very soon. It’ll be 25 per cent,” the Financial Times reported Trump said.
After the recent market sell-off, there were calls that the drop might have been the bottom. Trump's EU tariff plans seem to have dampened market optimism.
Read more: Bitcoin's Tuesday Bloodbath Was the Bottom, Analyst Says
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Japan’s Higher Rates Puts Bitcoin in the Crosshairs of a Yen Carry Unwind
A stronger yen typically coincides with de-risking across macro portfolios, and that dynamic could tighten liquidity conditions that recently helped bitcoin rebound from November’s lows.
What to know:
- The Bank of Japan is expected to raise interest rates to 0.75% at its December meeting, the highest since 1995, affecting global markets including cryptocurrencies.
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