After US President Donald Trump announced a new 10 percent general customs duty, cryptocurrency markets did not show sharp fluctuations as in similar developments in the past. Despite this policy, which was put into effect after the Supreme Court’s decision limiting the Trump administration’s emergency economic powers, a cautious wait prevailed in the digital asset market.
US President Trump’s Customs Duty Decision
Donald Trump is known as a political figure who has held senior executive positions in the executive branches of the United States. During his presidency, he came to the fore with trade policies and economic decisions. In the latest statement, it was reported that a new and comprehensive customs duty of 10 percent would be imposed on imports in order to protect the American economy. This step comes immediately after the Supreme Court annulled the previously implemented emergency powers, whose legal basis was controversial.
Calmer than Expected Course in Crypto Prices
While Bitcoin held around $67,800 on the trading day after the decision was announced, Ether was traded at $1,960. Aside from the two largest cryptoassets by market cap, the total digital asset market remained steady at approximately $2.33 trillion. Market indicators pointed to a cautious approach rather than selling pressure on the crypto side.
Although rapid price movements are usually seen in risky assets during global trade disputes, this time Bitcoin and Ether did not experience a significant decline due to the effect of low volatility. Limited price changes were also recorded in major tokens such as XRP and BNB.
In the past, Trump imposed customs duties of 25 percent on imports from Canada and Mexico and 10 percent on products from China. The final decision was taken in accordance with the Trade Expansion Act and the Trade Act of 1974. The Supreme Court ruled that imposing tariffs with emergency economic powers was an excess of authority and reminded that the executive branch can only take steps in such taxes with the authority of Congress.
Bitcoin Millionaires Decreased
According to blockchain analysis, after Trump’s new one-year term, there was a decrease of approximately 16 percent in the number of addresses holding at least $1 million worth of Bitcoin. That is, approximately 25 thousand wallet holders fell below this threshold. For the largest Bitcoin holders, losses amounted to 12.5 percent. These data indicate that large investors can remain more resistant to price volatility.
Analysis shows that the rapid increase in addresses is mainly due to the late 2024 rally that occurred before Trump took office and highlighted regulatory expectations. Comments were shared that Trump’s so-called crypto-friendly policies did not bring sustainable growth in on-chain asset distribution.
Trump’s decision also caused criticism from some political figures in the country. California Governor Gavin Newsom stated in his statements that Trump imposed extra taxes on employees through tariffs and that these incomes should be refunded.
Gavin Newsom argued that the tariffs created an unfair burden on American employees and stated that the amount collected should be refunded.
In terms of crypto markets, the fact that a new large-scale customs tax decision does not bring severe volatility as in previous periods reflects the impartial and cautious view of investors.
