Bitcoin Slides To $81,000 In Trump Tariff Shock

The price of Bitcoin has plummeted after US President Donald Trump announced a series of tariffs that is sure to have global economic implications.

Bitcoin has plummeted to as low as $81,810 on Thursday, after markets reacted with shock to Trump’s “Liberation Day” of stiff tariffs, which he claimed will address “a lack of reciprocity in our bilateral trade relationships.”

Trump’s tariffs vary as low as 10 percent for a few selected nations (including the UK, Australia, New Zealand and Singapore), but much higher for the so called “worst offenders” which includes the likes of the European Union, China, Vietnam, Cambodia, South Africa, and even Japan and Taiwan.

Trump’s tariffs

Countries that face the highest tariffs are China (54 percent, including previously announced tariffs); Cambodia (49 percent tariff); Vietnam (46 percent tariff); and Thailand (36 percent tariff).

There are no additional tariffs on Canada and Mexico, as both countries have already been subjected to a 25 percent tariff by Trump.

It comes after the US president had also announced last week new import tariffs of 25 percent on all cars and car parts coming into the US.

Trump’s tariffs have already hit the share price of many large tech firms including Apple, Amazon, Nvidia and Meta.

But now it has also impacted the price of Bitcoin, as investors reportedly seek less risky havens for their capital.

Crypto uncertainty

The entire crypto sector has not been helped of late by a number of developments under Donald Trump.

Last month Bitcoin hit its lowest level since November after it had dropped 25 percent from a recent all-time high, as investors were spooked by a $1.5 billion (£1.2bn) crypto theft, uncertainty around trade conflicts and concerns about US crypto policy.

Now in early April Bitcoin is trading at $81,000, which is well below a high that it reached in mid-January of nearly $110,000 on confidence that the incoming Trump administration would implement crypto-friendly policies.