After the Liberation Day speech by the current president Donald Trump, the crypto market has reacted, pointing to the announcement of reciprocal tariffs. According to the speech, a 10% baseline tariff is set for all imports, apart from goods that comply with the USMCA trade agreement keeping Canada and Mexico from the tariffs. Despite the 0% taxes on Canada, the country has issued taxes on goods that do not lie under USMCA.
Trump tariffs ease off as market braces Fed cut rates
Early today, the crypto market was relieved as slight green values were recorded at the time of press. According to CoinMarketCap data, the dip is still evident, but the slight recoveries in the hourly chart dictate an easing market amid the tariffs.
However, the market is bracing for the Fed cuts, market data shows that traders are assigning a 27.1% probability to a 25 basis point rate cut at the upcoming Federal Open Market Committee (FOMC) meeting on May 7. This low likelihood suggests that investors do not expect a shift in the U.S. Federal Reserve’s current monetary policy.
Fed Chair Jerome Powell has maintained a cautious stance, indicating that further signs of cooling inflation may be required before any rate cuts are considered. Titan of Crypto in the crypto space points out that Bitcoin needs to break out of its current falling wedge pattern.
Despite this, the analyst remains optimistic, predicting that inflation will likely ease over the next few months. According to Trueflation data, both the Consumer Price Index (CPI) and Core Personal Consumption Expenditures (PCE) are expected to improve, signaling a significant reduction in inflation.
Crypto prices today: BTC and Q2 market action revealed
Tracking the market movement, Bitcoin has experienced a slight dip, trading at $83,461.43, down 2.65% over the past week. However, it has shown a 0.37% recovery in the last hour. With a market cap of $1.65 trillion, Bitcoin remains the leading cryptocurrency.
Meanwhile, altcoins like Ethereum follows a similar trend, priced at $1,811.60, down 5.37% in the past week. It has seen a modest 0.41% increase in the last hour, with a market cap of $218.6 billion. XRP, currently priced at $2.07, has gained 1.67% in the past 24 hours but is down 7.80% in the last week. Its market cap is $120.64 billion.
Its market cap stands at $85.01 billion. USDC, priced at $0.9999, has seen little change, with only a 0.01% increase in the last hour. Its market cap is $60.89 billion. Solana, trading at $117.13, has experienced a 12.13% decline in the past week but has recovered 0.45% in the last hour, with a market cap of $60.26 billion.
Dogecoin, priced at $0.1648, has dropped 10.12% over the past week but saw a slight recovery of 0.09%. Its market cap is $24.52 billion. Cardano, at $0.6587, has declined by 6.71% in the past week, showing a 0.74% recovery in the last hour. Its market cap stands at $23.23 billion.
