Nov 26 2024: Bitcoin slipped to $94,567.1 on Tuesday, marking a 3.6% decline by 00:49 ET (05:49 GMT) as selling pressure mounted amid growing market concerns over President-elect Donald Trump’s proposed trade tariffs. After failing to surpass the $100,000 level last week, profit-taking contributed to the cryptocurrency’s decline from its record high of over $99,000.
The market’s risk appetite soured following Trump’s announcement of a 10% tariff on Chinese imports and a 25% tariff on goods from Canada and Mexico. These measures, aimed at curbing illegal immigration and drug flows, reignited fears of a trade war, further denting global growth prospects. While Trump’s pro-crypto stance and favorable cabinet picks initially fueled optimism, uncertainty over his administration’s concrete crypto policies has now tempered market enthusiasm.
The downturn in Bitcoin affected broader crypto markets. Ethereum rose marginally to $3,242.17, but most other major altcoins, including Solana, Cardano, and Polygon, fell by 1.9% to 6.3%. XRP dropped 1.4% after recent gains tied to the upcoming resignation of SEC Chair Gary Gensler. Meme token Dogecoin also declined by 4.2%, while Bitcoin-heavy corporate stocks like MicroStrategy tumbled after hitting record highs last week.
