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What Happened in Crypto Today: Trump Tariff, Mask, and GameStop News
Today, there is a little upward momentum in the global cryptocurrency market. The entire value of the crypto market is $2.73 trillion, up 0.45% in the last day.
The total market trading volume was $77.46 billion, up 0.64% from the day before.
What Happened in Crypto Today: Top Highlights for April 2
1. Donald Trump’s “Liberation Day” Tariff Announcement Scheduled for Today
April 2 marks a potentially significant event in U.S. financial policy, as former President Donald Trump is set to reveal new import tariffs. The announcement will be held at 4 p.m. ET in the White House Rose Garden.
Trump has dubbed the day as “Liberation Day,” referring to his push to impose up to 20% tariffs on imported goods. He opined that these tariffs are necessary in order to create a shield for American workers and industries from the ill effects of international agreements enabling free trade.
Depending on market reaction of investors to the announcement, the proposed tariffs would shape international trade relations, while probably affecting financial and cryptocurrency markets.
2. MASK Coin Price Crashes Over 33% in 24 Hours
As Per CoinMarketCap reports, the MASK token has plummeted a deep 36.58% in the last 24 hours and is now trading at $1.35. Notably, MASK’s trading volume in the past 24 hours rose by 386.36% to $595.98 million, showing strong activity, driven mostly by sellers.
It appears that panic selling by whales (big holders) liquidating their positions caused the crash. While no significant external headline caused the decline, the technical damage to the chart is considerable.
3. GameStop Raises $1.5 Billion to Buy Bitcoin
Unexpectedly, GameStop has raised $1.5 billion to support its transition to cryptocurrency through the issuance of convertible debt. Strong investor interest caused the company to surpass its initial $1.3 billion target.
GameStop plans to integrate Bitcoin into its balance sheet, signaling a serious step toward crypto adoption. While the crypto move made headlines, the orverall sector response was mild – GameStop stock closed with a 1.34% gain, followed by a modest 0.5% rise in after-hours trading.
Even though the move is audacious, analysts warn that it might not affect the space right away, particularly if large bitcoin holders decide not to sell.
Market Outlook: Will the Momentum Continue?
Even though the market is up a little today, nothing is certain. Both traditional and cryptocurrency industry may experience volatility as a result of the impending Trump tariff announcement. The MASK token crash, meanwhile, demonstrates how quickly investor sentiment can change, particularly when there are weak fundamentals.
However, GameStop’s use of Bitcoin suggests that institutional interest in cryptocurrency assets is growing. Even though the short-term market action is still erratic, this could support long-term growth.
Investors are currently encouraged to exercise caution and keep a careful eye on developments in the world economy.
