Bitcoin falls on Trump's 25% car tariff announcement

Trump Announces "25% Tariff on Foreign Automobiles"
US Stock Market and Cryptocurrencies 'Risky Assets' Decline Due to Inflation Fear
ETH and XRP 'Major Altcoins' Intensify Decline During Intraday Trading on the 27th

Bitcoin (BTC) declined on the 27th following Trump's statement on imposing tariffs on foreign automobiles.

On the 26th (local time), President Trump announced at the White House office that he would "impose a 25% tariff on foreign automobiles." Following the 25% tariff on steel and aluminum, the 25% tariff on automobiles raised concerns about causing global inflation.

Due to President Trump's remarks, 'risky assets' such as the US stock market and cryptocurrencies generally declined.

The Dow Jones Industrial Average, S&P 500 Index, and Nasdaq Index closed down 0.31%, 1.12%, and 2.04% respectively. While Bitcoin declined by about 0.56%, major altcoins including Ethereum (ETH) and XRP recorded a decline of over 2%.

◇Bitcoin = As of 4 PM on the 27th, the Bitcoin price on Upbit is 128.85 million won. Bitcoin's dominance is 61.65%.

According to on-chain analysis platform Sigbit, the long and short betting ratio in the Bitcoin futures market was 51.02% and 48.98% respectively.

Experts presented a positive outlook for Bitcoin. Especially, on-chain analysis platforms argued for Bitcoin's rebound based on on-chain data.

On-chain analysis platform Arkham Intelligence pointed out that whale wallets purchased 2,400 Bitcoins, arguing for Bitcoin's rebound.

On-chain analysis platform Sentiment noted that 27,740 Bitcoins left exchanges, indicating reduced selling possibilities.

◇Rising Coins = As of 4 PM on the 27th on Upbit, the cryptocurrency with the largest increase from the previous trading day was STP (STPT), rising by about 13%.

STP coin is an Ethereum-based token circulated on a smart contract platform that can tokenize assets in a manner complying with regulations in various countries.

STP was co-founded by Chinese Mike Chen and Korean Lee Shin-hye, and is distributed on global exchanges including Upbit, Binance, and Huobi.

◇Fear and Greed Index = The digital asset Fear-Greed index provided by Alternative is maintaining the 'Fear' stage at 40 points. The fear stage (20-39) is a period of increased cryptocurrency price volatility and trading volume, indicating a potential price decline. There is a high possibility of short-term bottom formation, so caution is advised when buying.

The Relative Strength Index (RSI) for cryptocurrencies provided by Sigbit recorded 54.8, in a 'neutral' state. RSI determines 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 Kwon Seung-won ksw@blockstreet.co.kr