The value of the cryptocurrency Bitcoin plunged to $74,627 (~RM 335,112) this morning, a decrease of around -5% compared to its value yesterday. At the time of writing, the value of Bitcoin had recovered slightly to around $76,000, which is still lower than its value of $76,934 two days ago. This means that almost all the increase in value recorded after Trump's victory in the US presidential election last November has now been erased.
The downward trend in value occurred shortly after President Trump announced a flat tariff rate on all countries trading with the United States. Global stock markets recorded their highest decline since the Covid-19 outbreak, with Asian markets the worst affected due to their reliance on exports to the United States.
There is no sign of a market recovery at this time and it is not helped by the announcement of a new 104% tariff on all Chinese imports to the United States. These more extreme tariffs were imposed after China acted to impose a 34% retaliatory tariff on America and block the sale of rare earth elements to all countries.