In the Wake of President Donald Trump's Recent Announcement of Sweeping 10% Tariffs on Global Imports

President Donald Trump's recent announcement of imposing 10% tariffs on all global imports has sparked volatility in financial markets.

Major cryptocurrencies like Bitcoin and Ethereum have shown relative stability.

, the price of the flagship cryptocurrency dipped to $82,312 on Wednesday. This level is about 25% below the all-time high hit on Trump’s Inauguration Day.

Other major cryptocurrencies also saw declines. Ethereum, the second-largest cryptocurrency, slipped to $1,812.

, smaller digital assets faced more significant drops.

Among them, Ether slid further by 10.4%. Solana, XRP, and Cardano fell by 16.3%, 12.4%, and 12.6%, respectively.

This trend reflects Bitcoin’s position as a “blue-chip” cryptocurrency, showing greater strength due to its liquidity and market capitalization.

The tariff announcement also affected crypto-related stocks.

Shares of Coinbase Global (NASDAQ:COIN) and Strategy (NASDAQ:MGCR) fell by about 4% and 3%, respectively.

Cryptocurrency mining companies like MARA Holdings (NYSE:MARA) and Riot Platforms (NASDAQ:RIOT) saw losses between 4% and 6%.

These moves are part of a broader trend of investors pulling back from riskier assets amid rising trade tensions.

In response to the economic slowdown and the threat of a potential recession, Arthur Hayes, co-founder and former CEO of BitMEX, has proposed that the U.S. government consider devaluing gold and establishing a Bitcoin reserve.

To boost economic growth, Hayes suggests that the Treasury could increase its valuation of gold, in turn generating dollar credits.

According to Hayes, these credits could then be used to purchase Bitcoin, strengthening the economy and positioning the U.S. as a leader in the cryptocurrency space.

The post Cryptocurrency Prices Today: Bitcoin Shows Strength as Smaller Coins Slide Further appeared first on Benzinga.