Bitcoin Faces 10.49% Drop Amid Market Panic as Trump’s Tariffs Take Effect

In a recent update from COINOTAG News, March 4 marks a pivotal moment as President Trump confirmed the implementation of U.S. tariffs on Mexico and Canada. This announcement has incited considerable market uncertainty, with the three principal U.S. stock indices registering significant downturns; notably, the Dow Jones fell by 1.48%, the S&P 500 declined by 1.76%, and the Nasdaq experienced a sharp drop of 2.64%. The tech sector bore the brunt, with key players like Nvidia dropping 8.69%. In parallel, the cryptocurrency market mirrored these fluctuations, particularly following Trump’s earlier remarks advocating for a national reserve of cryptocurrency.

This volatility continued as Bitcoin saw a temporary spike to $95,000 before witnessing an abrupt decline, ultimately falling by 10.49% to $83,384 amid concerns regarding Trump’s potential shift to altcoins. Ethereum was not spared, plunging 16.83% to a new low of $2,038. The looming tariff implications have exacerbated fears of economic stagnation, reflected in the U.S. dollar index’s drop by 1% and a subsequent rise in gold prices amidst increased risk aversion. 4E, a financial platform facilitating various asset trading, has launched a new financial product pegged to the USDT stablecoin, offering an enticing 8% annualized return rate as investors seek hedging strategies amidst these turbulent times.