Daily Market Update: Bitcoin Drops to $64,300 as Trump’s Tariff Hike Sends Stocks and Crypto Lower
TLDR
- Bitcoin fell to $64,300 before recovering to around $65,600, dragged down by tariff uncertainty
- Trump raised the global tariff rate to 15% after the Supreme Court struck down his earlier emergency trade measures
- Major cryptos including ETH, XRP, DOGE, and SOL all posted losses on the day and week
- US stock futures also slid, with S&P 500 futures down 0.5% and Nasdaq futures off 0.7%
- Nvidia earnings on Wednesday and ongoing Iran-US tensions add to market uncertainty
Bitcoin dropped to a low of $64,300 before recovering to around $65,600 as renewed trade tensions rattled both crypto and stock markets. The sell-off came after President Donald Trump raised the global tariff rate to 15%, responding to a Supreme Court ruling that struck down his earlier emergency trade measures.
Bitcoin (BTC) Price
The court had invalidated a broad portion of Trump’s trade agenda on Friday, briefly raising hopes that trade tensions could ease. Instead, Trump moved quickly to lift the baseline import tariff from 10% to 15%, effective immediately.
Markets were left with more questions than answers. It remained unclear whether Trump had formally enacted the higher duties, adding another layer of uncertainty for investors.
Crypto Markets Take a Hit
The losses spread across the crypto market. Ether fell 1.8% to around $1,951, and is down 2.5% over the past week. XRP dropped 4.4% on the day and 8.4% over seven days to $1.39.
Solana slid 3.8% in 24 hours to $83.25. Dogecoin shed nearly 5% on the day and more than 11% on the week. Cardano declined 4.3%, and BNB eased 2.3%.
China now faces the same 15% tariff rate applied to US allies. That rate sits within a 150-day window, leaving the trade situation open-ended.
European lawmakers added to the uncertainty. They signaled hesitation over advancing the so-called Turnberry Agreement, saying they want clearer commitments from Washington on trade before moving forward.
Stock Futures Also Slide
US stock futures dropped on Monday morning. Dow Jones futures fell 0.4%, S&P 500 futures dropped 0.5%, and Nasdaq 100 futures declined around 0.7%.
E-Mini S&P 500 Mar 26 (ES=F)
Stocks had actually ended last week with gains, boosted briefly by the Supreme Court ruling. But Trump’s tariff response over the weekend reversed that sentiment.
Oil prices also fell over 1% on Monday, after ending last week up more than 5%. Iran remains a separate concern, after Trump urged the country to reach a nuclear deal, warning of consequences if talks fail.
On the earnings front, Nvidia reports Wednesday. Salesforce also reports the same day, and Home Depot reports Tuesday as a gauge of retail health.
Crypto remains closely tied to macro headlines. Bitcoin’s move from $64,300 back to $65,600 shows some recovery, but trade policy continues to drive sentiment across both digital assets and traditional markets.
The post Daily Market Update: Bitcoin Drops to $64,300 as Trump’s Tariff Hike Sends Stocks and Crypto Lower appeared first on CoinCentral.
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