Key points:
- Bitcoin prices slide to $102,000
- Donald Trump to place lofty tariffs
- Crypto markets retreats broadly
Bitcoin prices were walking back some of the record gains after Trump vowed to impose lofty tariffs.
📉 Bitcoin Slides from Record
- Bitcoin prices
BTCUSD slipped Tuesday morning after traders powered the OG coin to a record high of $109,000 a day earlier. But it was the inauguration of crypto’s best bet moving forward, Donald Trump, so the frenzied buying is understandable. What’s next for the token space? - Trump has set out to create a heaven on earth when it comes to cryptocurrency. More precisely, he’s about to try and make the US “the crypto capital of the world.”
👉👈 Trump vs Trump?
- But there are also other things he’s looking to do and some of them are already in motion and may be in conflict with his lofty crypto vision. The biggest one of these other things is tariffs that stand to make the US dollar more expensive and even bring inflation back on a rising trajectory.
- Other than that, Trump has plans to enact executive orders that could deregulate the crypto industry and make it easier for crypto-native companies to not only survive but thrive.
👀 Looking Around
- Against this backdrop, the broad crypto asset space pulled back this morning as traders assessed the way forward. The overall valuation of the digital asset market skittered down 5% to $3.5 trillion. Some notable tokens, popular just a few days ago, suffered huge losses.
- Trump coin (or meme) (TRUMPUSDT) crashed roughly 50% from its peak of $75 to trade around $37 a piece. Solana (SOLUSD) tumbled to $230 from a record high of $290 a piece.
