Immediately after President Trump announced that he would raise import tariffs on China up to 104%, the financial markets, including Bitcoin (BTC), showed a sharp decline. In the cryptocurrency market, positions worth approximately $2.87 million (about 4.19 billion won) were forcibly liquidated in a single day, causing significant shock to investors.
On the 8th (local time), President Trump revealed a plan to impose an additional 50% tariff on existing tariffs, suggesting that a total of 104% tariffs on US-imported Chinese goods could be applied from the 9th. This is a response to China's 34% retaliatory tariffs on US products. The Chinese Ministry of Commerce responded with a hard-line stance, saying it is a "wrong upon wrong" measure and that they will "fight to the end".
This announcement came at a time when the global financial markets were trying to regain temporary stability. The European stock market was rebounding from a 14-month low, and the New York stock market was showing an upward trend amid expectations that President Trump might ease his tariff plans.
However, immediately after Trump's 'ultra-hard' tariff announcement, Bitcoin, which had briefly recovered to $80,000 in the morning, sharply declined and retreated to $76,600. According to market analysis firm Coinglass, approximately 99,000 traders lost positions worth $287,000,000 in the past 24 hours. The cryptocurrency market is thus showing sensitivity to geopolitical risks.
President Trump mentioned on social media that "China desperately wants to conclude this negotiation and is waiting for contact," but also stated that negotiations with China are not an immediate priority, and discussions with allies like Japan and South Korea come first.
Warnings have emerged that if this tariff conflict does not end short-term, it could lead to greater market volatility and asset value decline. Cryptocurrency investors need to pay attention to the possibility that the chaos in traditional financial markets may spread to the virtual asset market.
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