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Bitcoin, Broader Market Dip After Trump Plans to Impose 25% Tariffs on EU
Bitcoin and S&P 500 both fell to their session low after Trump talked about tariffs at his first cabinet meeting on Wednesday.
What to know:
Bitcoin's (BTC) price and the broader equity market fell to their session lows on Wednesday after U.S. President Donald Trump said he plans to impose a 25% tariff on the European Union during his first cabinet meeting.
The price of bitcoin fell below $84,000, dropping more than 5% in the last 24 hours, while the S&P 500 fell to its session low. The broader digital assets market index CoinDesk20 also fell 2.3% on Wednesday.
“We have made a decision and we’ll be announcing it very soon. It’ll be 25 per cent,” the Financial Times reported Trump said.
After the recent market sell-off, there were calls that the drop might have been the bottom. Trump's EU tariff plans seem to have dampened market optimism.
Read more: Bitcoin's Tuesday Bloodbath Was the Bottom, Analyst Says
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Exchange Review - March 2025
CoinDesk Data's monthly Exchange Review captures the key developments within the cryptocurrency exchange market. The report includes analyses that relate to exchange volumes, crypto derivatives trading, market segmentation by fees, fiat trading, and more.
Cosa sapere:
Trading activity softened in March as market uncertainty grew amid escalating tariff tensions between the U.S. and global trading partners. Centralized exchanges recorded their lowest combined trading volume since October, declining 6.24% to $6.79tn. This marked the third consecutive monthly decline across both market segments, with spot trading volume falling 14.1% to $1.98tn and derivatives trading slipping 2.56% to $4.81tn.
- Trading Volumes Decline for Third Consecutive Month: Combined spot and derivatives trading volume on centralized exchanges fell by 6.24% to $6.79tn in March 2025, reaching the lowest level since October. Both spot and derivatives markets recorded their third consecutive monthly decline, falling 14.1% and 2.56% to $1.98tn and $4.81tn respectively.
- Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions.
- Bybit Spot Market Share Slides in March: Spot trading volume on Bybit fell by 52.1% to $81.1bn in March, coinciding with decreased trading activity following the hack of the exchange's cold wallets in February. Bybit's spot market share dropped from 7.35% to 4.10%, its lowest since July 2023.
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