Cryptocurrency prices plunged as US stock futures opened significantly lower on April 6, with the Trump administration stepping up its global tariff approach.
Effective April 5, a 10% tariff was imposed on all countries, with specific rates hitting some nations the hardest: 34% on China, 20% on the European Union, and 24% on Japan.
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Bitcoin fell more than 6% in the last 24 hours, trading around $77,883. Ether also fell more than 12% to $1,575, CoinGecko reports. The overall crypto market capitalization fell more than 8% to $2.5 trillion.
Since then, prices have partially recovered, with Bitcoin recovering 1.4% to $78,500 and Ether rising again to $1,594.
Meanwhile, the fear and greed index showed a score of 23 on April 7, indicating extreme fear.