Following Trump's election win, the cryptocurrency market faced a significant downturn due to his new tariff policies.

On April 7, Bitcoin dropped by 5.3% to $74,600, marking its lowest point since November 7, according to Bloomberg.

Bitcoin Declines: Trump's Tariffs Shake Crypto Market

According to CoinGecko, the total market capitalization of cryptocurrencies fell by about 12%, reaching $2.47 trillion, back to levels seen during Trump's election.

Ethereum also fell to its lowest level since March 2023, trading at $1,418.

This decline is linked to the introduction of extensive tariffs by Trump, which have already caused significant losses in global financial markets estimated in trillions of dollars.

Charlie Sherri from BTC Markets noted in her report that while there was previously a belief in the resilience of cryptocurrencies to Trump's tariffs, investors shifted to active selling on Sunday.

Data from Coinglass indicates that $868 million worth of crypto positions were liquidated in the last 24 hours, the highest figure in six weeks.

500 billionaires lost over $200 billion due to Trump's tariffs.

On the evening of April 2, U.S. President Donald Trump announced new 'corresponding tariffs' on imports from various countries.

The tariffs will be: 20% for the EU, 46% for Vietnam, 32% for Taiwan, 24% for Japan, 25% for South Korea, 36% for Thailand, 31% for Switzerland, 32% for Indonesia, 24% for Malaysia, 49% for Cambodia, 10% for the UK, and 30% for South Africa. A basic 10% tariff has been set for Ukraine. The new tariffs do not apply to Russia and Belarus.

The total value of assets for the 500 richest people dropped by $208 billion due to these significant tariffs.

Trump has pushed Bitcoin to historical highs.

Bitcoin surged to a record high of over $106,000 after newly elected President Trump proposed creating a strategic reserve of bitcoins in the country.

Just hours before Trump's inauguration, Bitcoin set a new price record, exceeding $109,000.

On February 25, Bitcoin's value fell below $90,000, reaching its lowest level since mid-November.

On December 5, Bitcoin reached a record high of $100,000, with a previous value of $95,000.

This was the highest point in its history.

On November 12, Bitcoin increased by approximately 32% after the U.S. elections, achieving a historical maximum of $89,599.