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Cryptocurrency traders are eagerly awaiting a significant announcement from U.S. President Donald Trump today at 23:00 GMT. The President plans to introduce tariffs directed at 15 nations, including major economies like China, Canada, and Mexico, a move he describes as the “Day of Liberation.” This impending decision is anticipated to have a dramatic influence on Bitcoin (BTC) and various altcoins. While Bitcoin recently soared past the $100,000 mark, it has struggled to maintain momentum, hovering around $85,000 throughout March, reflecting persistent market unease. The newly proposed tariffs might catalyze sharp fluctuations in the cryptocurrency sector. How Previous Tariffs Affected Markets?Can Bitcoin Compete with Gold? How Previous Tariffs Affected Markets? Recent U.S. tariffs have influenced not just trade dynamics but also financial markets at large. A notable 2% drop in the S&P 500 index in recent days suggests a dwindling appetite for risk among traders. As cryptocurrencies increasingly mirror traditional assets, they are likely to respond to such developments. Can Bitcoin Compete with Gold? Amidst escalating economic uncertainty, both equities and bonds are witnessing declines, prompting investors to seek safer assets. According to Marc Ostwald, Chief Economist at ADM Investor Services International, many are gravitating back to gold, which has seen an 18% increase this year, while cryptocurrencies seem to be losing their appeal as safe havens. Omid Malekan from Columbia Business School posits that Bitcoin might eventually rival gold, taking on a similar protective role during financial crises. He argues that if economic uncertainty persists and the U.S. dollar falters, Bitcoin could regain popularity among investors, especially if tariffs yield a positive market response. Zach Pandl, research director at Grayscale, expresses a cautiously optimistic view that current prices may already reflect the worst-case scenario, opening up possibilities for improvement. He believes the tariff announcements could result in a gradual rather…

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Filed under: News - @ April 2, 2025 9:29 am