US President Donald Trump's new statements regarding the ongoing trade war with China have created selling pressure in the cryptocurrency market as well as in global markets.
Trump stated that tariffs are “the primary defense tool of national security,” adding, “If we don't have tariffs, we don't have national security.”
Trump also said the US was engaged in an active trade war with China and announced that India had pledged to stop buying Russian oil once the war ended. He stated that the deep animosity between Ukrainian and Russian leaders was hindering peace and that Washington was evaluating options for a possible new offensive by Ukraine.
Trump also stated that he would closely monitor the tariff lawsuit, saying, “I will go to the Supreme Court to monitor the tariff case.” Following these statements, investors shifted away from risky assets, and cryptocurrencies experienced a brief decline.
Bitcoin fell 1.47% in 24 hours to $111,000, while Ethereum fell 3.5% to $3,978. BNB and Solana also saw declines of 4.4% and 2.5%, respectively.
*This is not investment advice.