Bitcoin stumbles as Trump announces 25% steel and aluminum tariffs

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Bitget Academy2025/02/10 05:59

By:Bitget Academy

Crypto markets have been steadily recovering after a brief dip in the wake of more tariff announcements from US President Donald Trump.

Crypto markets stumbled as US President Donald Trump announced tariffs on aluminum and steel — the latest salvo in an escalating US trade war. Trump said that any “steel coming into the United States” and aluminum will be hit with a 25% tariff, according to a Feb. 9 report by the Associated Press. He also said that the White House would launch reciprocal tariffs on countries levying import fees on US goods. “If they are charging us 130% and we’re charging them nothing, it’s not going to stay that way,” Trump said.

Following the tariff announcement, crypto markets dipped temporarily, with bleeding across the board. However, there has since been a steady recovery. Bitcoin crossed back over $97,000 after dropping to $94,000 briefly, according to CoinMarketCap. Meanwhile, CoinMarketCap data shows ETH has also returned to nearly the same level it was before the tariff announcement, reaching a low of $2,537 but has since climbed back to $2,645. At the same time, the total crypto market cap dropped from $3.15 trillion down to $3.10 trillion. It has since recovered to $3.13 trillion.

Trump has stated other plans to introduce tariffs on the EU, superconductors, oil, gas, steel and copper. On Feb. 1, Trump launched tariffs of 25% against major trading partners Canada and Mexico and 10% on China, crashing both stock and crypto markets.

Source: CoinTelegraph

Futures Market Updates

The market has registered a fear rating, which is reflected in the Long/Short ratio and low activities.

Bitcoin Futures Updates

Total BTC Open Interest: $58.99B (+0.54%)

BTC Volume (24H): $59.02B (+65.43%)

BTC Liquidations (24H): $28.51M (Long)/$12.19M (Short)

Long/Short Ratio: 49.18%/50.82%

Funding Rate: 0.0079%

Ether Futures Updates

Total ETH Open Interest: $22.05B (-3.05%)

ETH Volume (24H): $34.36B (+65.19%)

ETH Liquidations (24H): $30.81M (Long)/$13.95M (Short)

Long/Short Ratio: 48.56%/51.44%

Funding Rate: 0.0035%

Top 3 OI Surges

TSTBSC: $42.03M (+13,883.11%)

MVL: $1.93M (+139.56%)

F: $2.50M (+122.45%)

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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