Bitcoin falls as US reciprocal tariffs take effect

White House Spokesperson "104% Tariff on China" BTC Continues Midday Decline with Tariff War ETH Drops 6.5%... Altcoin Decline Intensifies Experts "Yuan Weakness to Drive BTC Increase"

Bitcoin (BTC) declined on the 9th as mutual tariffs announced by US President Trump went into effect.

The cryptocurrency market sharply dropped in the morning of the 9th following Trump's announcement of a total 104% tariff on China.

On the afternoon of the 8th, President Trump left a comment on his SNS 'Truth Social' saying "The dialogue is open and I am waiting for a conversation with China". With Trump's comment, Bitcoin touched around $81,000, including a rise in the US stock market.

However, a few hours later, White House spokesperson Caroline Rabbitt announced, "We plan to impose a 104% tariff on China" and "This will take effect at 00:01 on the 9th".

As the high tariffs announced by President Trump went into full effect, the cryptocurrency market continued a weak trend.

Bitcoin continued to decline during the day, maintaining a slight balance around $77,000. Ethereum (ETH) recorded a decline of about 6.5%, the largest drop among major altcoins.

◇Bitcoin = The Bitcoin price as of 4 PM on the 9th on Upbit is 111,690,000 won. Bitcoin's dominance was 63.49%.

According to on-chain analysis platform Sigbit, the long and short betting ratio in the Bitcoin futures market was 71.08% and 28.92%, respectively.

Despite Bitcoin's decline due to the tariff war, there was a majority opinion predicting Bitcoin's rebound. The analysis suggests that the tariff war will cause the Chinese yuan to fall, which will benefit Bitcoin.

Arthur Hayes, CEO of BitMEX, posted on his X account on the 8th, "The People's Bank of China (PBOC) will give us good material" and explained, "The depreciation of the Chinese yuan is a good narrative that Chinese capital can flow into Bitcoin". He added, "This happened in 2013 and 2015 and can happen in 2025".

Attaching a graph of the Chinese yuan's value depreciation, Hayes wrote, "Ignore the current fear".

Ben Zhou, CEO of Bybit, also expressed the same opinion. He said, "China will watch the yuan's weakness to respond to the trade war" and explained, "This means that a lot of Chinese capital can flow into Bitcoin".

◇Rising Coins = As of 4 PM on the 9th on Upbit, the cryptocurrency with the largest increase from the previous trading day was Ardor (ARDR), showing an increase of about 66%.

Ardor (ARDR) is an open-source multi-chain BaaS (Blockchain as a Service) platform improved from the existing NXT by the Jelurida Foundation and is also known as NXT 2.0.

The currency unit is the ARDR token, which is the main chain token of the Ardor Network, used for new block creation, network consensus governance, and transaction fee payments.

◇Fear and Greed Index = The digital asset Fear-Greed index provided by Alternative is at 18 points, entering the 'Extreme Fear' stage. This stage is a decline accompanied by high trading volume and strong volatility. It indicates a high possibility of market entry at the bottom and a buying interval for institutions.

The Relative Strength Index (RSI) for cryptocurrencies provided by Sigbit was recorded at 43.0, in a 'neutral' state. RSI determines the relative strength between upward and downward pressure of a specific asset price and is an indicator showing the overbought and oversold scale of a specific asset.

Reporter Seung-won Kwon ksw@blockstreet.co.kr