Bitcoin falls amid worst-case tariff war scenario

Trump "Additional 10% Tariff Rate Applicable to Trade Partner Countries"
Cryptocurrency Market Plunges on Spreading Fear in the Morning
Weakness Continues Despite Afternoon Bargain Buying
Nansen: "70% Probability of Further BTC Decline Before June"

As President Trump unveiled the worst tariff scenario the market feared, the cryptocurrency market, including Bitcoin (BTC), declined on the 3rd.

At an event in the White House Rose Garden, President Trump raised tariff rates for existing trade partner countries under the pretext of eliminating discrimination against US companies due to tariff and non-tariff trade barriers.

The mutual tariff rates announced by President Trump are 25% for South Korea, 34% for China, 20% for the European Union (EU), 46% for Vietnam, 32% for Taiwan, 24% for Japan, and 26% for India.

As the market feared, the cryptocurrency market plummeted from the morning when President Trump imposed high tariffs on trade partner countries.

Cryptocurrencies that had sharply declined in the morning saw a slight rebound due to bargain buying in the afternoon but continued to show weak performance during the day.

Including Bitcoin's 1.12% decline, many altcoins fell by more than 2%.

◇Bitcoin = The Bitcoin price on Upbit at 4 PM on the 3rd was 123.51 million won. Bitcoin's dominance was 62.77%.

According to on-chain analysis platform Sigbit, the long and short betting ratios in the Bitcoin futures market were 60.23% and 39.77%, respectively.

As Bitcoin declined, experts predicted further decline.

On-chain analysis platform Nansen evaluated the probability of Bitcoin hitting bottom within two months at about 70% due to economic recession from Trump's expanded trade war.

Nansen's report stated, "Bitcoin's price has not recovered above the 200-day moving average and has fallen below the lower tracking price moving average" and "Additional bad news added to weak market sentiment will further challenge the market".

It emphasized, "We estimate a 70% probability of Bitcoin hitting bottom between now and June".

◇Rising Coins = The cryptocurrency with the largest increase as of 4 PM on the 3rd on Upbit was UXLINK, rising by about 17%.

UXLINK builds a Web 3.0 social platform where users participate, guaranteeing users complete ownership and privacy of their data, identity, and social connections. It aims to serve as a bridge connecting Web 2.0 and Web 3.0, overcoming the limitations of existing social platforms.

It provides various dApps and services for users to operate on a group basis, and various APIs and SDKs for developers to utilize user social data. Users can easily create UXLINK accounts and invite acquaintances using existing social media accounts like Telegram. The native token UXLINK is used as a payment method and for governance within the platform.

◇Fear and Greed Index = The Alternative digital asset Fear-Greed Index remains at 25 points in the 'Fear' stage. The fear stage (20-39) is a period of increased cryptocurrency price volatility and trading volume, indicating a price decline. There is a high possibility of short-term bottom formation, so caution is advised for buying.

The cryptocurrency Relative Strength Index (RSI) provided by Sigbit recorded 45.6, in a 'neutral' state. RSI measures the relative strength between upward and downward pressure of a specific asset price and indicates the overbought and oversold scale of a specific asset.

Reporter Seung-won Kwon ksw@blockstreet.co.kr