Crypto market jitters: Trump's tariffs spark price drops, market volatility

Bitcoin's next resistance, analysts said, stands at $87,800, while support rises to $81,700

Bitcoin Price Today, April 3, 2025: Cryptocurrencies were trading lower on Thursday after United States President Donald Trump announced a sweeping set of reciprocal tariffs on dozens of countries. On Wednesday, Bitcoin (BTC), the world’s most popular and largest cryptocurrency by market capitalisation, traded lower by nearly 1.41 per cent, at around $83,437.02 at 09:47 AM.

 

Bitcoin has traded in the range of $88,466.96 to $82,182.32 in the last 24 hours, according to data from Binance.

 

Earlier on Wednesday, April 2, US President Donald Trump announced reciprocal tariffs targeting several trading partners. Cambodia faced the highest tariff at 49 per cent, followed by Vietnam at 46 per cent, Sri Lanka at 44 per cent, and China at 34 per cent. Among major economies, tariffs were set at 20 per cent for the European Union, 10 per cent for the United Kingdom, and 24 per cent for Japan. Meanwhile, a 27 per cent 'discounted reciprocal tariff' was imposed on imports from India. 

 

Bitcoin, Vikram Subburaj, CEO, Giottus Crypto platform, said, had a highly volatile day as market fears over a potential US recession grew. The prediction market Polymarket now puts the chances of a US recession this year at nearly 50 percent, following Trump’s announcement of stronger-than-expected tariffs.  ALSO READ | If US tariffs stay put, markets may see extended downtrend: Deepak Jasani

 

"Market volatility is expected to persist as more retaliatory tariffs come into play. For Bitcoin to regain strength, it needs to break above $87,500—close to its 200-day moving average," Subburaj said.

 

Meanwhile, Edul Patel, Co-founder and CEO, Mudrex, believes that institutional interest remains strong, as Bitcoin ETFs recorded over $334 million in inflows. "This, combined with increased whale activity, indicates that Bitcoin is slowly moving into bullish territory," Patel said.

 

Bitcoin's next resistance, he said, stands at $87,800, while support rises to $81,700.

 

The sell-off was seen among other popular cryptocurrencies as well. Ethereum (ETH), the second-largest cryptocurrency by market capitalisation, traded lower by 3 per cent at $1,826.39. Among others, Solana (SOL) traded lower by 3.48 per cent, followed by Binance Coin (BNB), which saw a decline of 1.24 per cent. Ripple (XRP), on the other hand, was trading higher by around 2.48 per cent.