The crypto market has crashed due to the announcement of US President Donald Trump to impose an additional 100 percent tariff on China. Investors in the crypto market have lost six billion dollars (Rs. 50 thousand crore) in just one hour due to the fear of a trade war between the US and China.
After Trump’s tariff announcement, the top crypto currency Bitcoin fell by 8.4 percent to $ 104782 at 5.20 pm yesterday, Friday. While Ethereum fell by 5.8 percent. Investors lost $ 6 billion within an hour of the announcement.
Reacting to China’s announcement to impose restrictions on the export of rare earth minerals, Trump imposed an additional 100 percent tariff on China yesterday. The US is already levying a 30 percent tariff on China, but with this new 100 percent tariff effective from November 1, the total tariff burden on China will be 130 percent. In addition, restrictions on the export of critical software have also been announced.
Bitcoin fell more than 12 percent after Trump’s tariff post. At 12.46 pm on Saturday, when the news was written, it was trading at $111,404.99, down 8.14 percent. Institutional investors are withdrawing large amounts of investment from the crypto market due to fears of a trade war. Retail investors have suffered huge losses. The second-largest cryptocurrency, Ethereum, has fallen 12.94 percent. Apart from this, other crypto currencies Solana, Dogecoin, Cardano have recorded a gap of 16 to 25 percent.
Trump’s announcement led to the withdrawal of $ 6 billion (i.e. Rs. 50 thousand crores) from the crypto currency market in a single hour. In the last 24 hours, the price of Bitcoin has fallen by $ 17927.25. At the time of writing, the total market cap of crypto currencies has fallen by $ 47 thousand crores to $ 3.73 lakh crores.
