In a highly anticipated address from the White House, President Donald Trump unveiled new tariffs on imports from 50 nations, including members of BRICS and the European Union. The speech, dubbed the “Declaration of Economic Independence,” aimed to address what Trump called unfair trade practices. However, for those in the cryptocurrency community hoping for news on digital assets, the speech was a letdown—there was no mention of Bitcoin, blockchain, or cryptocurrencies at all.
This lack of attention to the crypto sector sent shockwaves through the market. Bitcoin (BTC) saw an immediate and dramatic dip, falling from $88,000 to $85,000 within just 10 minutes, marking a $3,000 drop. The cryptocurrency briefly stabilized around $84,800. Ethereum (ETH) also experienced a decline, dipping to $1,845 as the broader market followed suit.
Major Cryptos Feel the Impact
Other major cryptocurrencies were not immune to the market downturn. XRP tested its $2 support level, while Binance Coin (BNB) slipped below $600. Solana (SOL) also saw a slight drop, falling below the $125 threshold. The overall crypto market began to slide as Trump’s speech progressed, with virtually all major assets experiencing losses.
The half-hour speech, which focused on inflation, energy, and revitalizing American manufacturing, aligned with Trump’s goal of boosting the U.S. economy. However, the absence of any mention of cryptocurrencies, despite earlier speculation that digital assets might be addressed, left the crypto community questioning the future of U.S. crypto policy. This omission came after Trump had previously pledged to make the United States a “crypto capital,” leaving digital asset advocates disappointed and eager for clearer signals.
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