This week, every word from Trump about Russia holds significant weight, as Thursday marks a critical deadline for Putin. Trump has consistently expressed his desire for an agreement for months, having even claimed to have made progress upon assuming office. Last week, however, he suggested retribution for his disappointment with Putin, hinting at serious consequences. Such political tensions aren’t ideal for the cryptocurrency market, which remains volatile amidst global uncertainties.
US-Russia Tensions
Cryptocurrency investors recently emerged from the turmoil of the Iran conflict, only to face a new front instigated by Trump. The announcement last Friday about dispatching two nuclear submarines heightened concerns. This move was a direct response to statements made by Medvedev, to which Putin responded by saying, “if expectations are raised too high, disappointment is inevitable.”
Now, the economic side of the Russia conflict is officially being launched by Trump. It is speculated that following the deadline on Thursday, a 100% tariff on countries purchasing oil from Russia will be put into place. This was hinted at in a recent statement he shared.
Impact on Global Markets
Trump accused India of buying large quantities of Russian oil and reselling it for hefty profits, without concern for the lives lost in Ukraine due to Russia’s military actions. Consequently, he announced plans to significantly raise tariffs on India’s imports to the US. This stance resonates with a broader sentiment: “if you’re profiting from Russia, you’re essentially our adversary.”
Following the announcement, Bitcoin 
$78,815‘s price plummeted to $114,600. Further developments in oil prices could significantly affect cryptocurrencies. Brent crude dropped to $67.9, but following the latest statements, it’s climbing back to the $70 range. Additionally, the US dollar experienced rapid gains against the Indian Rupee.
