President Donald Trump announced aggressive new U.S. tariffs on more than 100 countries on Wednesday afternoon, sending bitcoin ( BTC) plunging to $81K from yesterday’s high of more than $88K.

The cryptocurrency’s price swung between $81,786.22 and $88,466.96 over the past day and is currently trading at $81,888.94 down 4.15% in the last 24 hours and 5.06% over the past week.

( BTC price / Trading View)

Bitcoin’s trading volume surged to $54.72 billion over the past 24-hour cycle, marking an 88.43% increase as nervous investors sold the asset in the wake of Trump’s announcement. Bitcoin’s market capitalization has now fallen to $1.62 trillion, a decline of 4.41% since yesterday, reflecting broader investor caution.

BTC dominance currently stands at 62.92%, up by 0.64% over the last 24 hours, as some traders appear to be retreating to the relative safety of bitcoin as altcoin prices take big hits. Additionally, total bitcoin futures open interest has dropped by 5.29% to $52.20 billion, suggesting that leveraged positions are being unwound in response to the volatile environment.

( BTC dominance / Trading View)

Liquidation data from Coinglass reveals that total bitcoin liquidations reached $10.30 million in the past day. Long positions accounted for $3.42 million, while short liquidations totaled $6.88 million, indicating that bearish bets were largely off-target as the market moved against those positions.

Trump’s Wednesday tariff announcement set off an unprecedented trade war with virtually all U.S. trading partners, sending both traditional and global markets into a nosedive.

At the time of reporting, the S&P 500 has lost 4.17%, the Dow Jones Industrial Index has dropped 1,464 points, and the U.S. Dollar Index, which tracks the strength of the dollar against a basket of major currencies has slid by 2.19% to 101.43, its lowest since October 2024.

(The U.S dollar has fallen to its lowest since October 2024 / Trading View)

Coinmarketcap shows the global crypto market cap at $2.63 trillion, down 4.26% over 24 hours.

It will be interesting to see if investors will continue to view bitcoin as a safe-haven asset, which could see it climb back up to its recent highs.

Looking ahead, bitcoin’s outlook remains mixed. On one hand, its recent price weakness may attract bargain hunters and long-term investors seeking a temporary price dip. On the other hand, if global trade tensions persist and macroeconomic uncertainties continue, bitcoin could face additional downward pressure.

Investors will be closely watching upcoming policy developments and global market signals for clues. Analysts suggest that if BTC stabilizes above key support levels around $81,500, it may eventually rebound; however, further declines cannot be ruled out, especially given the unpredictable nature of Trump’s trade policies or what some have dubbed “The Trump Effect.”

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