Ripple and Ethereum See Sharp Declines
South Korea's Reciprocal Tariff Rate at 25%, Higher Than Japan's
Despite the "tariff bomb" announced by the Trump administration, Bitcoin is showing a smaller decline than expected. Considering that the tariffs are imposed globally, the prevailing opinion was that Bitcoin would drop by more than 10%, so this performance is regarded as relatively strong.
As of 8:40 AM on the 3rd, according to the global cryptocurrency exchange Coinbase, Bitcoin is trading at 121.07 million KRW, down 3.58% compared to the previous 24 hours. Compared to around 5 AM, when President Trump imposed the tariffs, Bitcoin has fallen by 6.59%.
On the 2nd at 4 PM local time, U.S. President Donald Trump delivered a speech titled "Making America Wealthy Again" at the White House Rose Garden, attended by many second-term administration officials, and announced plans for reciprocal tariffs.
President Trump criticized, "For decades, America has had its industries and job dreams plundered by other countries, including allies," and said, "Other countries have imposed massive tariffs on American products and created non-monetary (non-tariff) barriers." He added, "That will no longer happen," and stated, "April 2nd will forever be remembered as the day America began to become wealthy again."
The reciprocal tariff rates by country are: China 34%, European Union (EU) 20%, Vietnam 46%, Taiwan 32%, Japan 24%, and India 26%. South Korea will face a 25% tariff.
However, altcoins other than Bitcoin are experiencing significant declines. According to Coinbase, Ethereum and Ripple (XRP) are trading down 8.62% and 10.67%, respectively, since the tariff announcement.
The cryptocurrency specialized media CoinGape analyzed, "This sharp drop in Bitcoin prices is temporary," and added, "There is ample room for prices to rebound based on the fundamentals built so far."
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