Source: Cointelegraph Original: "{title}"
Since U.S. President Trump took office on January 20, Bitcoin (BTC) has fallen from a record high of $109,000 to below $78,000, as significant tariff announcements from the U.S. and retaliatory measures from trade partners have weakened the market value of cryptocurrencies and disrupted global markets.
Justin d’Anethan, Sales Director at Liquifi, stated in an interview with Cointelegraph: “The repeated changes in tariffs, with Trump sometimes taking a hard stance and sometimes compromising, have put the market in a state of stagnation. Few are willing to clearly take a bullish stance, but equally few are willing to sell their assets, fearing being left behind in the next rebound.”
By mid-March, as the White House signaled a more cautious approach, investors began to regain confidence. However, the market still showed mixed signals, and with the arrival of the second wave of "reciprocal tariffs" on April 2—referred to as "Liberation Day"—the market's unease had not fully dissipated.
Trump's trade war antics shook global markets, but by the end of March, his stance had softened. Source: Peterson Institute for International Economics
Bitcoin remained above $100,000 until January 26, when Trump threatened to impose a 25% tariff on all Colombian imports after Colombian President Gustavo Petro refused to accept deported immigrants transported by U.S. military aircraft. Petro accused Trump of abusing immigrants and retaliated with tariffs.
Under pressure from U.S. trade dependencies, Colombia quickly changed its tune and agreed to accept the deported immigrants. Subsequently, Bitcoin rebounded back to $100,000.
However, market sentiment was further shaken by the sudden rise of the Chinese AI company DeepSeek, whose budget model raised concerns about potential disruptions in the tech industry, exacerbating risk-averse sentiment across various markets.
At the end of January, Bitcoin fell below $100,000 amid the tariff standoff between the U.S. and Colombia and the rise of DeepSeek. Source: CoinGecko
On February 1, Trump signed an executive order imposing a 10% tariff on all imports from China and a 25% tariff on goods from Canada and Mexico, citing a national emergency due to immigration issues and the fentanyl crisis, set to take effect on February 4. China, Canada, and Mexico all threatened retaliation. Bitcoin dropped below $93,000 until February 3, when Trump agreed to suspend tariffs on Canadian and Mexican goods for 30 days, allowing for a slight recovery. However, the tariffs on China took effect as scheduled on February 4, marking the last time Bitcoin traded above $100,000.
Bitcoin fell after Trump signed the executive order, with the subsequent rebound considered a "dead cat bounce." Source: CoinGecko
Bitcoin remained volatile in mid-February. On February 10, Trump announced the cancellation of tariff exemptions on steel and aluminum, raising all metal tariffs to 25%, effective March 12. He then unveiled a "reciprocal tariff" plan for foreign import taxes. Bitcoin hovered around $93,000 and briefly rose to $99,000. However, on February 21, following a $1.4 billion hack of Bybit—the largest security breach in cryptocurrency history—Bitcoin's upward momentum quickly collapsed, and the price fell back below $90,000.
Bitcoin failed to break the $100,000 mark after the Bybit hack, followed by the implementation of copper tariffs. Source: CoinGecko
On February 25, Trump ordered a review of potential tariffs on imported copper for national security reasons, further intensifying bearish pressure in the market. Bitcoin fell below $80,000 for the first time, hitting a new low since November.
In early March, Trump issued another order to review tariffs on lumber and wood products. However, after the White House announced a strategic Bitcoin reserve and digital asset inventory plan—including Ripple (XRP), Solana, and Cardano—the cryptocurrency market briefly rebounded.
On March 4, Trump enacted a 25% tariff on Canada and Mexico and doubled tariffs on China to 20%. All three countries indicated they would retaliate. The next day, Trump provided a one-month tariff exemption for U.S. automakers importing from Canada and Mexico. A day later, the White House extended the tariff suspension for many imports eligible under the U.S.-Mexico-Canada Agreement while still threatening to implement reciprocal tariffs on April 2.
Meanwhile, Trump finalized the increase in steel and aluminum tariffs. On March 13, he threatened to impose a 200% tariff on European wine, champagne, and spirits if the EU continued to levy a 50% tax on U.S. whiskey in retaliation for Trump's steel and aluminum tariffs.
Despite the volatility, Bitcoin's trading prices remained around $84,000 on March 1 and March 16. Source: CoinGecko
By mid-March, the government's stance began to soften. On March 18, U.S. Treasury Secretary Scott Bessent stated that tariffs would be adjusted based on each country's trade practices, and if partners lowered their trade barriers, tariffs could even be completely avoided.
After weeks of turmoil, financial markets began to recover. On March 24, reports indicated that Trump's next round of tariffs would be more targeted than initially expected, causing Bitcoin to rise to $88,474.
The White House's softened tone triggered a Bitcoin recovery. Source: CoinGecko
“In the week leading up to the implementation of Trump's reciprocal tariff policy on April 2, market volatility is expected, companies will lobby for exemptions, businesses will preemptively raise prices, and global diplomatic efforts will attempt to mitigate the impact,” said Ryan Lee, Chief Analyst at Bitget Research, in a written analysis shared with Cointelegraph.
“After the tariffs take effect, inflation spikes, supply chain disruptions, and turmoil in the job market are expected, along with potential stock market volatility and retaliatory trade measures from partners like China and Canada, which could slow U.S. economic growth.”
At the same time, Liquifi's d'Anethan noted that investors should continue to pay attention to dynamics in traditional markets, especially the rising correlation between Bitcoin and traditional indices.
“With the increasing correlation of Bitcoin with the S&P 500 and other traditional assets, it may not be wise to ignore tariffs and geopolitical maneuvers,” he said.
As April 2 approaches, the crypto market remains fragile, and investors are preparing for the potential impacts of "Liberation Day." Trump recently hinted in conversations with reporters that tariffs on automobiles, aluminum products, and pharmaceuticals are under consideration.
Related: Bitcoin price surges, but will Bitcoin break through $92,000 in the short term?
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