April 3, 2025
United States President, Donald Trump’s announcement of widespread tariffs on global trading partners has reflected in the significant decline of Bitcoin, BTC, falling to the $82,000 mark registering a 4% loss on Thursday morning.
The announcement rattled both traditional and digital asset markets, sparking a sell-off in risky assets, including major cryptocurrencies.
This downturn activity mirrors broader crypto trends, with Ethereum, ETH, losing 2.96% to trade at $1,823.34, and XRP dropping 2.21% to settle at $2.05. Solana, SOL, experienced even steeper losses, shedding over 9% of its value at one point.
Before the latest dip, BTC was trading around $85,000
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With the announcement of a 10% baseline tax on all imports, 25% levy on foreign-made cars and Reciprocal duties set at 50% of the rates imposed on American exports by other nations, Trump’s tariffs, have been described as one of the most extensive deployments in U.S. history.
The proposal spans across 185 countries, including Nigeria, whose exports to the U.S. will now face a 14% tariff, compared to the 27% tariff claimed by the U.S. on its imports from Nigeria.
According to data from the Nigerian Bureau of Statistics, NBS, Between 2015 and 2024, Nigeria’s trade with the U.S. reached a combined N31.1 trillion, within the period, Nigeria’s global export totaled N16.4 trillion, accounting for 8.7%.
READ MORE; Bitcoin Rose To $88,804 Despite Strong Investor Sentiments.
Bitcoin’s downturn further highlights the ripple effects of global economic uncertainty. After hitting a trading low of $82,141—down from a recent peak of $89,042—BTC/USD remains close to its 100-hour Simple Moving Average at $83,500, illustrating heightened market volatility.
Glassnode reveals that Bitcoin’s current market differs from past cycles. Investors who purchased BTC between 2020 and 2022—with cost bases ranging from $3,600 to $69,000, have mostly held their positions despite price fluctuations.
