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Did Altcoins Hit Bottom: According to the Analyst, These Factors Can Fuel Selling Pressure! - Coin Bulletin
According to the experienced analyst, selling pressure in the cryptocurrency market may continue for these reasons.
The decision of US President Donald Trump to impose additional customs duties on products imported from Mexico, Canada, and China has caused a sharp decline in global markets and cryptocurrencies.
Presto Research analyst Min Jung pointed out that this decision triggered a selling wave in the markets, stating that “The statement made by the White House on Saturday rekindled inflation concerns in particular. Additional customs duties may put pressure on prices and may adversely affect risky assets, including crypto assets”.
According to Trump's plan, products imported from Canada and Mexico will be subject to an additional 25% tariff, while products from China will face a 10% extra tax.
While this decision is expected to take effect on Tuesday, Canada also announced on the same day that it will impose a 25% retaliatory tariff.
Mexico and China are also expected to take similar steps. These developments are being described as a "trade war" by many experts.
Kronos Research CEO Hank Huang said that investors are concerned that inflation caused by customs duties could lead to the Fed maintaining higher interest rates for longer than expected.
According to The Block's cryptocurrency price page, Bitcoin fell 7.5% in the last 24 hours, dropping to $91,969. Ether, on the other hand, fell 20.1% and dropped to $2,510.
According to CoinGecko data, the total value of the cryptocurrency market has decreased by 13.7% in the past day, falling to $3.12 trillion. These developments once again highlight the deep impact of the uncertainty in global markets on crypto assets.