Bitcoin Volatility Soars as Trump's Tariffs Inject Uncertainty into Market

The cryptocurrency market witnessed a dramatic overnight swing, with bitcoin prices plummeting to $64,270 before rebounding to $66,300. This sudden downturn was largely attributed to the uncertainty surrounding US President Donald Trump's new tariff plans and escalating tensions between the US and Iran.

As gold prices rose to their highest level since January 30, investors sought safe-haven assets amidst the growing geopolitical uncertainty. The surge in precious metals coincided with a decline in risk assets, including Bitcoin and other cryptocurrencies.

The altcoin market suffered significant losses overnight, with SOL and SUI plummeting 7-8% in thin liquidity conditions. This contributed to $270 million in altcoin liquidations, according to CoinGlass data.