CoinDesk

Feb 2, 2025

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Bitcoin Drops to $100K as Trump Implements Tariffs on Imports

Donald Trump has implemented tariffs of 25% on most imports from Mexico and Canada and 10% on goods from China, effective immediately. This decision aims to address the influx of illicit opioids impacting public health.

The crypto market is reacting negatively, with Bitcoin (BTC) down 2%, currently above $100,000 after peaking at $106,000 within 24 hours. Altcoins like Ether (ETH), XRP, and Solana (SOL) have declined by 6%-8%. The CoinDesk 20 Index shows a decrease of 4.8%.

There will be no exemptions for these tariffs, which will remain until the U.S. government is satisfied with measures against fentanyl trafficking. Canadian Prime Minister Justin Trudeau has stated that Canada is prepared to respond if the U.S. proceeds with these tariffs.