On April 10, 2025, Bitcoin (BTC) experienced significant market fluctuations, reaching a peak of $83,400 during night trading before correcting to $81,500 by 10:45 Moscow time, marking a 4.7% increase for the day. As of 14:16 Moscow time, the Bitcoin rate stood at $81,551. This volatility in the cryptocurrency market was largely attributed to news regarding new tariffs imposed by the United States.
The price of Bitcoin had been on a downward trend since April 2, when it hovered around $87,000. Over the course of the following eight days, it briefly dipped to $75,000, hitting a six-month low of $74,600. However, amidst signs of recovery, other cryptocurrencies also showed positive movement. Ethereum (ETH), which had previously reached a two-year low of below $1,400, gained 7% in the last 24 hours, trading near $1,590. XRP from Ripple saw the highest daily increase among the top ten cryptocurrencies, rising by 8.6%, while Cardano (ADA) grew by 7.3%, although it slipped to tenth place in the rankings, overtaken by Tron (TRX), which increased by 5%.
According to data from Coinmarketcap, the total capitalization of the cryptocurrency market increased by 5% in the last 24 hours, reaching $2.58 trillion, with a daily trading volume of $160 billion. However, the information provided is strictly for informational purposes and does not constitute individual investment advice.
Meanwhile, the European stock markets faced severe downturns on April 9, 2025, following the implementation of new import tariffs by US President Donald Trump. The STOXX Europe 600 index, which includes 600 of the largest European companies, fell by 2.95% at the start of trading and continued to decline, dropping further by 12:00 Moscow time. The German DAX index also began the day with a 2.92% decrease, having experienced a 10% drop since the previous Monday.
Shares of major European pharmaceutical companies plummeted, with German Redcare Pharmacy down 15.10%, Swiss companies Roche and Novartis down 5.2% and 6.05% respectively, and Danish Novo Nordisk down 4.09%. The decline in stock prices was particularly pronounced as Trump announced a "significant" tariff on all imported pharmaceutical products. Energy company stocks also fell, with the STXE 600 index for European gas and oil companies dropping by 3.03% amid a four-year low in oil prices. The SXPP index, which includes mining companies, fell by 3.08%, attributed to the introduction of American tariffs of 104% on China, the world's largest metal exporter.
Germany's acting Minister of Finance, Jörg Kukies, remarked that the stock market decline was occurring "surprisingly fast," labeling the situation as "regrettable" since tariffs and retaliatory duties tend to harm both parties involved. Trump announced the new import tariffs affecting over 180 countries and territories on April 2, with a 20% tariff specifically for the European Union coming into effect on April 9. In response, China declared its readiness to "fight to the end" in the ongoing trade war with the US, while the EU plans to impose retaliatory tariffs on American goods starting April 15, 2025. These new tariffs will target various agricultural products from the US, including poultry, beef, seafood, nuts, eggs, dairy products, sugar, and vegetables.
In the cryptocurrency market, Bitcoin's price fell below $80,000 after finding support at $81,000. As of the time of writing, it was valued at $79,188.44, having recovered by 1.81% in the past 24 hours. This bullish reversal coincided with the release of US economic data showing a decrease in inflation. According to the US Department of Labor, the inflation rate in March was 2.4%, down from 2.8% in February, marking the slowest rate since September 2024. Notably, it was the first monthly price decrease since September last year, with a 0.1% reduction.
The market's optimism regarding declining inflation is seen as a potential benefit for crypto assets, including Bitcoin. Charles Hoskinson, the founder of Cardano, predicted that Bitcoin could reach $250,000 by the end of 2025. Market analyst Benjamin Cowen highlighted the significance of the latest economic data in his post on X, noting that the inflation rate fell to a four-year minimum. The US Bureau of Labor Statistics attributed the easing inflation to a reduction in gasoline prices, which dropped by 9.8% year-on-year, while food prices rose by 0.4% month-on-month.
Following the release of this economic data, stock market futures plummeted on Wall Street, and treasury yields became increasingly attractive. Meanwhile, tensions between President Trump and Federal Reserve Chairman Jerome Powell continue to escalate. Trump has repeatedly argued that Powell should lower interest rates, but Powell has maintained that the Federal Reserve will not cut rates until there is clear evidence to warrant such a move. In a recent public address, Powell expressed concerns about rising inflation once Trump's tariffs are fully implemented, while assuring that the Federal Reserve will closely monitor economic progress before making any significant changes to policy.
The release of US economic data came shortly after Trump announced retaliatory tariffs against numerous countries. The President quickly raised tariffs on Chinese imports to 125%, just hours after China increased tariffs on American goods to 84%. Amid the intensifying trade war between the US and China, Bitcoin's price fell to a local minimum of $74,434 on Monday. Data from CryptoQuant revealed that short-term holders significantly contributed to selling pressure, with an outflow of about $10 million in liquidity on that day. Conversely, long-term holders purchased $9 billion worth of cryptocurrency, resulting in a net loss of $1 billion.
On Wednesday, Trump announced a delay in implementing some of the more aggressive tariffs, instead introducing a 10% tax on all imports. He also set a 90-day period for negotiations regarding potential tariff increases. Following this announcement, Bitcoin rebounded above $80,000, alleviating concerns that the price might drop below $70,000. The daily trading volume of Bitcoin surged by 12.66% to $69.39 billion, indicating a rise in market activity.
As the cryptocurrency market continues to evolve, Charles Hoskinson remains optimistic, asserting that growing adoption of cryptocurrencies by technology giants like Microsoft and Apple will likely fuel this rally. He emphasized that global tensions may prompt governments and institutions to consider crypto investments, pointing to the ongoing conflict between Russia and Ukraine as an example of how the global order is being disrupted, potentially facilitating greater acceptance of cryptocurrencies. According to him, "the only option for globalization is cryptocurrency."
