Crypto prices slide as Trump announces new 25% tariffs on steel, aluminum
Quick Take
- The prices of various cryptocurrencies have dipped after President Trump told reporters that he plans to implement new 25% tariffs on steel and aluminum next week.
- The price of Bitcoin, which briefly surpassed $100,000 on Friday, has slid to around $95,000, with Ethereum down 3.5% in the past 24 hours.
- The price action comes shortly ahead of Super Bowl LIX, expected to be the most-watched telecast of the year.
The crypto market has slid over 2% in the past 24 hours, likely helped along by President Trump's announcement to reporters aboard Air Force One that he plans to levy 25% tariffs on imports of steel and aluminum beginning some time next week.
The price of Bitcoin, which briefly surpassed $100,000 on Friday, has slid 1.66% in the past 24 hours to around $95,000, while Ethereum's price slid 3.6% in the past 24 hours to around $2,550, according to The Block's Bitcoin and Ethereum Price Pages. The market as a whole is down 2.15% in the past day.
Solana memecoins seem to be the hardest hit; The Block's GMCI Solana Memes index is down 10% in the past day, as Bonk, Dogwifhat, and Gigachad trend downward.
The major escalation in his trade war policy echoes his announcement from last weekend about imposing tariffs on Canada and Mexico. Crypto prices slid in the wake of the announcement, before recovering as Trump announced one-month delays on the imposition of the taxes after speaking with the leaders of each country.
Also on Sunday, New Orleans will host Super Bowl LIX, featuring a showdown between the Kansas City Chiefs and the Philadelphia Eagles. The sporting event is generally the most-watched telecast of the year, though many U.S. crypto companies will not be advertising during the event, according to FOX Business reporter Eleanor Terrett.
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