Crypto market in red du to tariff decision of Trump, Bitcoin Declines to USD 97,800, Ether Gains More Thans 1 Percent

The Crypto market has been volatile since President Donald Trump’s decision to impose tariffs on some countries in the US. The largest cryptocurrency Bitcoin’s price in terms of market value was nearly one percent decline on Wednesday. The US has imposed tariffs on imports from some countries including China and Mexico.

International Crypto Exchange after this report is published Binance But the price of bitcoin declined by about 0.70 percent to about $ 97,760. The second largest cryptocurrency Ether raised by more than 1.80 percent. The Ether’s price was trading at $ 2,761. Cardano, Tether, Polkadot, Chainlink, Near Protocol, Solana and Cardano prices have also decreased. In the last one day, Crypto’s market capitalization declined by about 2.60 percent to about $ 3.23 lakh crore.

Bitcoin gained somewhat up due to Trump’s avoidance of Trump for a month, but after this, its price has been broken. China has also retaliated by putting tariffs on many US items. Market analysts say that traders associated with Crypto should monitor global developments. In some countries, rules are being made about this segment. The US Securities and Exchange Commission (SEC) stated that a task force has been formed with the objective of creating a regulatory framework for cryptocurrency.

The central government’s stand on cryptocurrency in India has been strict. The Reserve Bank of India (RBI) has also demanded a ban on this segment. Recently, the Economic Affairs Secretary, Ajay Seth said that the government’s stand on cryptocurrency is being reviewed. He said, “Some countries have changed their attitude in terms of use of cryptocurrency, their acceptance and importance. We are reviewing the discussion paper again.” He said that there are no borders for such assets and due to this India’s attitude cannot be unilateral. Dubai’s Crypto Exchange Bybit has been fined about Rs 9.27 crore in the country due to violation of the Prevention of Money Laundering Act (PMLA). By doing business without following the legal guidelines on Bybit, it is fined for doing business. This crypto exchange was examined by the Financial Intelligence Unit (FIU).