The encryption market was accidentally discovered as US President Donald Trump announced tariffs on aluminum and steel.
Trump says the Associated Press’s February 9 report says “Steel in the United States” and aluminum will be hit by 25% tariffs.
He also said the White House would launch mutual tariffs in countries that impose import fees for US products.
Trump said, “If they claim 130%for us and we don’t claim anything, we will not do so.”
Following the tariff announcement, the encryption market temporarily invaded, resulting in overall bleeding. But since then, there has been a steady recovery.
According to CoinmarketCap, Bitcoin (BTC) simply fell to $ 94,000 and surpassed more than $ 97,000.
After Trump announced more tariffs, Bitcoin fell slightly, but after that. source: Coinmarketcap
Meanwhile, according to CoinmarketCap data, Ether (ETH) returned to the same level as before the tariff announcement, reaching $ 2,537, but returned to $ 2,645.
At the same time, the total market capitalization fell from $ 3.15 trillion to $ 3.10 trillion. According to CoinmarketCap, it has since been restored to $ 3.13 trillion.
Encryption Fear & Greed Index, which measures market sentiment for Bitcoin and other cryptocurrencies, was trapped in Fear Territory last week and scored an average of 44 points out of 100.
The latest February 10 update scored a fear from 46 to 43 points the day before.
The Crypto Fear & Greed Index score repaid the average fear of last week. source: Alternative.me
Trump has mentioned other plans to introduce tariffs to the EU, superconductor, oil, gas, steel and copper.
On February 1, Trump collided with 25%of tariffs on major trading partners in Canada and Mexico and 10%of tariffs in China, conflicting both stocks and encryption markets.
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The estimates are diverse, but BYBIT co -founders and CEO Ben Zhou speculated that liquidation can pay $ 8 billion to $ 10 billion.
After the planned tariffs in Mexico and Canada were suspended for 30 days on February 3, the crypto market rebounded. However, Trump did not restore the charges if the temporary suspension expired.
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