Bitcoin faced a notable decline, dipping back toward $67,000 during Sunday trading as trade uncertainties resurfaced. Investors grappled with the implications of new tariff escalations alongside a shifting legal environment in the United States.
At one point, Bitcoin (BTC) was trading at approximately $67,526, reflecting a decrease of about 1.4% over the past 24 hours and a weekly decline of around 2.1%. This downturn followed President Donald Trump’s decision to raise the global tariff rate from 10% to 15%, despite a recent Supreme Court ruling that invalidated previous emergency trade measures.
Initially, the court’s ruling seemed to limit the U.S. administration’s ability to impose extensive tariffs ahead of Trump’s planned visit to Beijing on March 31. However, the administration chose to implement the increased global tariff rate, maintaining pressure on trade partners amid a complex legal backdrop.
Now, China finds itself subjected to the same 15% levy that was applied to U.S. allies, which is set within a 150-day framework. The market is left to navigate this blend of escalation and uncertainty, a combination that typically tempers risk appetite among investors.
The negative sentiment was echoed across other major cryptocurrencies. Ether (ETH) fell 1.8% to $1,951, marking a 2.5% loss over the week. XRP experienced a sharp drop, down 4.4% on the day and 8.4% over the week, landing at $1.39. Solana also saw a decline of 3.8% within 24 hours, trading at $83.25, while Dogecoin lost nearly 5% for the day and over 11% for the week. Cardano dropped 4.3%, and BNB saw a slight reduction of 2.3%.
Trade tensions extend beyond Asia, as European lawmakers express caution regarding the progression of the Turnberry Agreement. They are seeking more defined commitments from the U.S. on trade policy before moving ahead.
As it stands, the cryptocurrency market’s performance remains closely tied to macroeconomic headlines. Unless tariff policies stabilize, digital assets are expected to follow broader risk sentiments rather than being driven by dedicated crypto factors. The current landscape, while challenging, showcases the resilience of the crypto market amid external pressures, highlighting the importance of closely monitoring macroeconomic developments.