BTC/USD: Bitcoin Wipes Crypto Reserve Gains as Traders React to Looming Tariff Wars

Ethereum virtually wiped off all its 2024 gains as prices slipped to a low not seen since November 2023. 📢 Bitcoin Tanks 12% to $83,000Bitcoin prices sank right back after a powerful upside swing fueled by the news. Apparently, the news wasn’t strong enough to help sustain the leg up — Bitcoin washed out all its reserve gains on Monday and extended the drop early Tuesday. Trump’s tariff hikes were most likely behind the crypto selloff, which followed after during the cash session on Monday. 👉 You Get a Tariff and You Get a TariffPrices of Bitcoin were down by more than 12% to hover around $83,000 a piece. Ethereum , the second-largest token, was doing even worse. Ether’s prices erased whatever gains they had made in 2024. The ticker this morning showed a coin was going for less than $2,000 — that’s November 2023 levels. The US President confirmed late on Monday that Canada and Mexico are indeed going to get a 25% tariff on their imports into the US. 🚨 Global Trade Wars Loom"No room left for Mexico or for Canada," Trump said at the White House on Monday. "The tariffs, you know, they're all set. They go into effect tomorrow." Prime Minister Justin Trudeau responded: "Canada will not let this unjustified decision go unanswered." China quickly retaliated with a 15% tariff on agricultural products and also restricted exports to 15 US companies. On top of that, the Asian country added 10 companies to an unreliable-entity list. Looming global trade wars dented all the crypto optimism that was supporting the market.