By South China Morning Post | Created at 2025-04-03 08:36:41 | Updated at 2025-04-05 01:41:58
1 day ago
The largest digital asset fell as much as 4 per cent to about US$82,000 on Thursday morning in Singapore before paring losses, while other tokens including ether and XRP also declined. Solana had at one point shed more than 9 per cent of its value.
Trump on Wednesday announced that he will apply a minimum 10 per cent tariff on all exporters to the US and slap additional duties on around 60 nations with the largest trade imbalances with the US.
China will face a 34 per cent rate, while the European Union will have a 20 per cent levy and Japan is seeing a 24 per cent tariff.
Cryptocurrencies bore the announcement relatively well at first, but began to falter as traders began their day in Asia.
“As a risk-on asset, cryptocurrencies have generally traded poorly during periods of uncertainty following announcements such as steady high rates or the introduction of trade tariffs,” said John Wu, president at Ava Labs.
