- Trump’s 25% tariff on Canada and Mexico take effect.
- The President’s 20% tariff on China also comes into effect on the same day.
- Could this be the reason behind the latest market dump?
The crypto market dumped back to the same prices as before the pump caused by Trump’s bullish US Strategic Crypto Reserve announcement. This has led many analysts and respected members of the crypto community to accuse Trump of market manipulation. However, the reason behind the latest market dump could be due to Trump’s tariffs taking effect.
Reason Behind the Latest Market Dump
In detail, Trump’s promised tariffs on certain countries have finally come into effect today. In particular, the President has placed a 25% tariff on Canada and Mexico, and a 20% tariff on China. This means that all imports and exports to these locations will have to pay a significant tax as placed by Trump’s new policy.
Is Trump Making Change or Making Manipulations?
While many believe the latest crypto dump came following the thrilling pump action in the crypto market over the last 24 hours, caused by Trump’s Strategic Crypto Reserve announcement, to be a market manipulation from Trump, this dump could simply be the aftermath of the tariffs coming into effect.
Certainly, these statements are still up for speculation and investigation. However, none can deny that Trump has promised to be America’s first crypto President and has taken many measures to support responsible growth of digital assets across all sectors of its economy. Furthermore, he is hosting a Crypto Summit at the White House very soon, perhaps the price of Bitcoin will pump again, maybe this time without a dump following suit?
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