Yesterday, cryptocurrencies experienced a collective increase as investors remained cautious amid rising global trade tensions and the impact of new tariff policies introduced by President Donald Trump. A new set of tariffs imposed by the Trump administration went into effect yesterday.
These tariffs range from 10% to 50% on imports from several major economies, and Trump also announced an additional 100% tariff on semiconductor imports, set to be implemented in the coming weeks. This has raised concerns in the markets about a potential slowdown in global economic growth. Bitcoin rose by 0.91%, reaching $116,361.70, capturing over 61% of the total cryptocurrency market value.
Ethereum, the second-largest cryptocurrency by market capitalization, surged by 3.7% to $3,814.30, while Ripple saw a modest increase of about 0.4%, trading at $3.0076.
The global market capitalization for cryptocurrencies stands at $3.78 trillion, with a total trading volume of $126.44 billion in the past 24 hours, according to CoinMarketCap data.
As per data from Bitcoin Office in El Salvador, the country acquired seven additional cryptocurrencies over the past week, bringing its total holdings to 6,261.18 Bitcoins, valued at over $718 million. Additionally, Bloomberg reported that President Trump is expected to sign an executive order allowing new assets, such as Bitcoin, to be included in retirement programs, mentioning that “new assets permitted by Trump in retirement programs will include real estate”.