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Cold Shower in Cryptocurrencies with Trump's Announcement: Bitcoin Falls Below 80 Thousand Dollars! - Coin Bulletin
Bitcoin (BTC), following the announcements of the new customs duties in the USA, it fell below 80,000 dollars with the increasing demand for dollars.
US President Donald Trump announced that he will impose an additional tariff of %25 on Mexico and Canada as of March 4, and will double the existing 10% tariff on China. These developments led investors to the dollar and brought sharp sales in the cryptocurrency market. BTC fell below the 200-day simple moving average, increasing its weekly loss to 16%.
Altcoins experienced larger losses
While the decline in BTC generally affects the market, deeper losses were seen in altcoins. Payment-focused XRP lost the 23.6% Fibonacci retracement level, signaling further decline. Solana (SOL) dropped to $125.6, reaching its lowest level since September, while Dogecoin (DOGE) gave back 78.6% of the October-December rally, falling below 20 cents.
In the note sent to investors by ING, it was stated, "We expect the re-emergence of US tariffs and the permanent strengthening of the dollar". The dollar index rose to the level of 107.30, continuing its recovery from 106.15 levels seen on Wednesday.
According to CoinGecko data: