As Donald Trump sent tariff letters to 12 countries including South Korea and Japan, the cryptocurrency market, including Bitcoin (BTC), is experiencing weakness due to increased tariff uncertainty.
According to CoinMarketCap at 8 AM, BTC recorded a 1.13% drop to $108,027.66. At the same time, Ethereum (ETH), the leading altcoin, fell 1.80% to $2,535.71, XRP declined 2.27% to $2.27, and Solana (SOL) dropped 2.73% to $148.35.
In the domestic market, BTC and ETH are rising, while other major altcoins are falling. At the same time, BTC is up 0.15% to 147,825,000 won on Bithumb. ETH rose 0.55% to 3,473,000 won, XRP fell 1.13% to 3,111 won, and SOL decreased 1.69% to 203,300 won.
The increased tariff uncertainty from Trump's tariff letters is believed to have impacted the market. President Trump released letters proposing a 25% reciprocal tariff rate to South Korea and Japan. He also sent tariff letters to Malaysia, South Africa, Myanmar, Laos, and Kazakhstan. South Korea and South Africa remained at 25% and 30% respectively, while Myanmar, Laos, and Kazakhstan saw downward adjustments. Japan and Malaysia both increased to 25%, up 1 percentage point from 24%.
As a result, the New York Stock Exchange also closed lower. The Dow Jones Industrial Average fell 0.94%, the S&P 500 index dropped 0.79%, and the Nasdaq Composite index, focused on tech stocks, declined 0.92%.
The cryptocurrency market sentiment appears to be overheating. Alternative.me's Crypto Fear & Greed Index rose 7 points to 73 points, indicating a state of "greed". The index approaches 0 when investment sentiment is constrained and approaches 100 when the market is overheated.
- Reporter Shin Jung-seop
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