The post Trump Trade War: Tariffs Tank Markets, Bitcoin Dumps, Altcoins Poop the Bed appeared on BitcoinEthereumNews.com.

In an executive order signed Saturday, Trump cited the surge of illicit opioids and other drugs as justification for slapping 25% tariffs on nearly all imports from Mexico and Canada, while Chinese goods face a 10% tariff. The move, effective Tuesday, is already sending shockwaves through financial markets—with crypto markets, open through the weekend, taking the first hit. Bitcoin Dips Below $100K Amid Market Jitters Bitcoin (BTC) fell below the $100,000 psychological threshold on Feb. 2, marking the first time it has dipped below this level since Jan. 27, according to Brave Bew Coin data. The decline follows growing inflation concerns in the wake of Trump’s tariffs, which are expected to push up consumer prices. Some analysts believe Bitcoin is setting the mother of all bear traps, testing $95,000 as a key support level. “The $95,000 range remains a critical support area,” said Jason Jones, analyst at BNC Research. “The intersection of Fed rate cuts, Trump’s power plays, and market sentiment will be the catalysts to watch.” Despite the pullback, Bitcoin still secured a record monthly close above $102,000 in January, marking its first-ever close above the six-figure mark. Bitcoin dumped to $97,400 days after a record monthly close, Source: BNC Bitcoin Liquid Index Trump: “This Will Be the Golden Age of America” The White House has made it clear: these tariffs aren’t temporary. A senior official told The Wall Street Journal that there will be no exemptions, and the levies will remain in place until Trump is satisfied that Mexico and Canada have stopped the flow of fentanyl into the U.S. Trump took to Truth Social on Sunday morning, doubling down on his stance: “THIS WILL BE THE GOLDEN AGE OF AMERICA! WILL THERE BE SOME PAIN? YES, MAYBE (AND MAYBE NOT!),” he wrote in all caps. “WE WILL…

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Filed under: News - @ February 2, 2025 7:23 pm