Bitcoin Dips to $82,000 After Trump Announces Sweeping Tariffs

The cryptocurrency market took a hit on Thursday morning after U.S. President Donald Trump announced a new wave of tariffs on global trade partners.

Bitcoin (BTC), the world’s largest cryptocurrency, dropped to $82,000 — a 4% decline — following the announcement.

The sell-off didn’t stop with Bitcoin. Other major cryptocurrencies also slid, with Ethereum (ETH) falling by nearly 3% to $1,823 and XRP dropping 2.2% to $2.05. Solana (SOL) saw the biggest loss, shedding over 9% of its value at one point during the day.

Before the tariff news broke, Bitcoin had been trading around $85,000.

Trump’s Tariff Plan Shakes Global Markets

The tariffs introduced by President Trump are some of the most aggressive trade measures in U.S. history. The proposal includes:

• A 10% base tax on all imported goods.
• A 25% tax specifically on foreign-made vehicles.
• A reciprocal duty of up to 50% for countries that impose high tariffs on American products.

The tariffs will affect 185 countries, including Nigeria, which will now face a 14% tariff on exports to the U.S. This compares to the 27% U.S. tariff rate on imports from Nigeria. Between 2015 and 2024, trade between the two countries amounted to ₦31.1 trillion, according to the Nigerian Bureau of Statistics.

The tariff announcement triggered a wave of caution among investors, leading to a broader sell-off in both traditional and digital asset markets.

Bitcoin Faces Market Volatility

Bitcoin’s sharp fall reflects rising uncertainty in the global economy. BTC dropped from a recent high of $89,042 to a low of $82,141 on Thursday, before stabilizing near $83,500, which is close to its 100-hour simple moving average.

On-chain data from crypto analytics firm Glassnode shows that most long-term Bitcoin investors, who bought between 2020 and 2022, have not sold their holdings despite the current market volatility. While their share of wealth has dropped by 3% since November 2024, it remains historically high.

This trend contrasts with past market cycles where short-term traders controlled as much as 90% of Bitcoin’s wealth during peak periods. Today, short-term holders account for around 40%, suggesting less speculative activity.

What’s Next for Bitcoin?

Technical analysis suggests Bitcoin is at a crucial point. Indicators show sellers still have some control, with the Relative Strength Index (RSI) below 50 and the MACD showing weak momentum.

For Bitcoin to recover, it will need to break past resistance levels at $84,000 and $85,000. A strong push above $85,550 could drive prices toward $86,800 or even $88,500.

However, if Bitcoin fails to break above $85,000, analysts warn it may face further losses, with possible support levels at $82,200, $81,350, and the key psychological level of $80,000.

The coming days will be crucial as investors watch how global markets react to Trump’s tariff plan — and whether Bitcoin can recover from this latest shock.