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# Trumps “Psychodrama” Tariffs Trigger Bitcoin Plunge Before Crypto Convention
Bitcoin experienced a setback on Thursday, echoing a general market downturn. Toncoin (TON) Value Forecast for March 26th
* On Thursday, Bitcoin saw a considerable decline.
* The drop occurred at the same time as a larger market collapse.
The cost of Bitcoin fell below the $89,000 threshold once more.
The top digital currency fell by about 2% on Thursday, reaching $88,020. The total crypto market capitalization also decreased by 3%, settling slightly above $3 trillion during the previous 12 hours.
This decline mirrored a substantial fall in the Nasdaq, which dropped by more than 2% as Wall Street struggled with a surge of tariff-related news.
According to Bloomberg, the dollar weakened after U.S. Commerce Secretary Howard Lutnick suggested easing tariffs on Canada and Mexico.
Because of the intermittent character of tariff threats, traders are anxious, particularly given that the President has already granted exemptions for the car sector.
Canadian Foreign Minister Melanie Joly did not mince words, calling the U.S. trade policy a “psychodrama” and emphasizing the “unpredictability and uncertainty” emanating from the White House.
Furthermore, conflicting U.S. labor statistics and a forthcoming important wage report are making investors unsure about the state of the American economy.
To worsen matters, there was a sell-off in a number of tech equities, including Nvidia.
The Bitcoin price decrease occurs just before Donald Trump’s highly publicized crypto summit, where he will host some of the industry’s most prominent figures.
It is predicted that the President will reveal further information about his proposed national crypto reserve at the event.
Trump first proposed the concept of a Bitcoin reserve during his campaign, but changed the proposal in January to include a broader crypto reserve.
Bitcoin’s price had previously fallen as low as $79,800 in February due to market anxieties fueled by Trump’s policies, meme coin scandals, and a $1.5 billion hack on Bybit, making it the worst month since 2022.
*The News Desk at DL News is managed by Eric Johnson.*
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