Concerns over trade wars have caused a sharp decline in cryptocurrencies. Bitcoin fell below $75,000 with a nearly 10% drop in the last 24 hours, while Ethereum plummeted to around $1,420. The ongoing uncertainty surrounding US President Donald Trump’s customs tariff package led to Bitcoin dropping below $75,000. According to data from analysis firm Coinmarketcap, the value of the global cryptocurrency market, including Bitcoin, decreased by approximately 10.58% in 24 hours, falling to $2.39 trillion. The price of Bitcoin, the largest cryptocurrency, dropped by over 10% in the last 24 hours due to uncertainty over the potential consequences of the US’s aggressive customs tax policy, sinking below $75,000. As of 10:00 AM GMT, Bitcoin was trading at $74,980 with a weekly gain of 8.36%. Concerns have risen about a widespread trade war that could potentially lead to a global economic slowdown as a result of the US’s customs tariff package. Many trading partners, including China and the European Union (EU), have already announced countermeasures. Bitcoin’s recent trading range of approximately $80,000 to $85,000 in the past few days has drawn attention. Before Trump announced on the evening of April 2nd that he would impose customs tariffs on 185 countries, Bitcoin was still valued at around $87,000. During his election campaign, Trump pledged to support digital assets and make the US the “cryptocurrency center of the world.” Additionally, Trump has a national bitcoin reserve plan. Although seen as a supporter of digital currencies, Trump has not yet fulfilled the hopes of crypto supporters. Bitcoin reached an all-time high of over $109,000 on the day Trump took office. Ethereum, ranking second in market value, also saw a decrease in price of about 22%, dropping to $1,421.