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Bitcoin (BTC) 
$93,795 price stands at $77,500 as this article is written, while altcoins have resumed their downward trend. Despite a recovery seen earlier due to positive U.S. futures, statements made after the market opening changed the dynamics. An unofficial announcement regarding additional tariffs from China is expected tomorrow, indicating further potential drops in cryptocurrency values.
The April 9th Cryptocurrency Drop
Black Monday news had already emerged before cryptocurrencies began their declines of up to 20%. Reports indicate that a 104% additional customs duty is being implemented against China. This late-breaking development caused the SPX index to swiftly drop from the 5160 range to just under 5110.
“Fox News: White House Press Secretary announced that due to China’s failure to retract, the 104% additional customs duty went into effect at noon Eastern Time and will be collected starting April 9.”
This isn’t surprising, as Trump had previously threatened a 50% additional tariff to take effect on April 9, insisting that China must back down. The implementation of this new tariff is likely to fuel negativity in both cryptocurrency and stock markets, suggesting further declines in the coming hours.
China shows no signs of backing down, instead appearing defiant, with recent posts mocking U.S. citizens in videos. Additionally, the Chinese President has made bold statements asserting, “Our economy is not a pond but an ocean,” directly countering claims made by U.S. officials about China’s unwillingness to negotiate.
U.S. Economy and Statements
U.S. Trade Representative Greer implied that Trump would not accept a scenario where Wall Street governs the economy, indicating indifference towards stock losses. Greer also claimed that tariffs would not affect consumers, yet this perspective seems misguided as even expectations alone can drive prices up and dampen economic confidence.
Fed member Goolsbee recently noted in statements that tariffs are more significant than anticipated. He emphasized that the Fed needs a long-term view rather than reacting like the volatile stock market. Disagreement exists among firms regarding how quickly tariff increases will impact consumers, which could lead to supplier bankruptcies.
“The Fed’s response to negative supply shocks remains uncertain. Sentiment measures are nearly collapsing, raising concerns. Businesses will hesitate to invest when rules are unclear. There’s fear of a return to high inflation.” – Goolsbee
Italian Prime Minister Meloni announced her upcoming visit to the U.S. on April 17 to discuss tariffs. This indicates a weak likelihood of a short-term resolution, as even countries close to agreements may not achieve results.
“The Italian government plans to use €14 billion from the EU’s post-COVID funds and €11 billion from the Cohesion Fund to help firms cope with the negative effects of U.S. tariffs.” – Meloni
Such measures may benefit cryptocurrencies in the long run, but they offer little immediate significance.
