Trump’s Liberation Day could lift Bitcoin and altcoin prices

Here’s why Pi Network, Jasmy, LTC, Ethena, and altcoins are down

Cryptocurrency prices retreated slightly on March 27 after Donald Trump’s Liberation Day came early for global automakers.

Here’s why Pi Network, Jasmy, LTC, Ethena, and altcoins are down

Bitcoin fell below $86,000, while the total crypto market capitalization tracked by CoinMarketCap declined by 1.67% to $2.83 trillion. Meanwhile, the crypto fear and greed index remained in the fear zone at 38. The pullback in digital assets mirrored losses in traditional markets, with futures tracking the Dow Jones, Nasdaq 100, and S&P 500 all down by over 0.70%. The main catalyst for the downturn was Trump’s decision to impose broad tariffs on all vehicles and parts imported into the United States. These new tariffs are expected to hit all automakers, including domestic manufacturers, due to additional duties on steel, aluminum, and auto components.

Here’s why Pi Network, Jasmy, LTC, Ethena, and altcoins are down

Trump’s tariff strategy may be viewed as a Black Swan event due to its scope and potential economic disruption. For instance, his proposed 25% tariffs on imports from Mexico and Canada disrupt trade between three countries that have enjoyed decades of tariff-free commerce. The risk is that these tariffs will lead to a recession this year. In a recent article, crypto.news cited Mark Zandi, Moody’s Chief Economist, who predicted that recession odds were rising in the US.