Key Insights:
- Dogecoin, Cardano’s ADA, and Solana’s SOL saw steep declines as renewed trade tensions emerged due to Trump’s tariffs.
- A U.S. appeals court has temporarily reinstated the tariffs, which will remain active while the government submits an appeal.
- Bitcoin and ether prices have also decreased amidst this uncertainty, while gold prices have risen as jobless claims increased.
Market Movements:
Dogecoin DOGE fell 9%, Cardano’s ADA and Solana’s SOL each dropped 6% in the past 24 hours as the renewed tariffs sparked trade concerns.
A rapid legal shift allowed the U.S. Court of Appeals for the Federal Circuit to issue a temporary stay on a prior lower court ruling that had overturned the tariffs, permitting them to remain in force during the government’s appeal.
The tariffs, announced on April 2 and referred to as “Liberation Day” duties by Trump, affect nearly all U.S. trading partners and were enacted under the International Emergency Economic Powers Act of 1977.
Bitcoin BTC is trading below $106,000, with ether ETH falling beneath the $2,700 mark in light of the increasing uncertainty. The widespread CoinDesk 20 index fell by 4%.
“It can be seen that Bitcoin’s price fell following the reinstatement of Trump’s tariffs as recent GDP figures indicate an economic contraction in Q1,” stated Nick Ruck from LVRG Research in a Telegram message. He noted that although inflation remains a concern, there’s hope for Bitcoin’s recovery amid ongoing market volatility.
Alex Kuptsikevich from FxPro expressed caution in market sentiment, stating the total crypto market capitalization remains stable at $3.42 trillion. He remarked that cryptocurrencies seem to disregard stock market rebounds due to their ties with tariffs and corporate reports, not monetary supply.
