On Wednesday, Bitcoin (BTC) and the broader equity market experienced significant declines following President Trump's announcement of planned 25% tariffs on the European Union during his first cabinet meeting.
The Financial Times reported President Trump stating, "We have made a decision and we’ll be announcing it very soon. It’ll be 25 per cent," referring to the proposed tariffs on the European Union.
Recent market downturns had led to speculation that the market had reached its bottom. However, President Trump's tariff announcement appears to have significantly dampened this optimism, resulting in renewed selling pressure across both the cryptocurrency and traditional equity markets.
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