Cryptocurrencies suffered a sharp drop amid concerns over trade wars. Bitcoin fell to below $75,000 with a nearly 10% decrease in the last 24 hours. Meanwhile, Ethereum dropped to around $1,420. The uncertainty surrounding the ongoing customs tariff package by U.S. President Donald Trump led Bitcoin to drop below $75,000. According to data from the analysis firm Coinmarketcap, the value of the global cryptocurrency market, including Bitcoin, decreased by approximately 10.58% in 24 hours, sliding to $2.39 trillion. The price of Bitcoin, the largest cryptocurrency, fell by more than 10% in the last 24 hours due to uncertainties about the potential outcomes of the U.S.’s aggressive customs tax policy, dropping below $75,000. As of 10:00 AM GMT, Bitcoin was trading at $74,980, with a weekly value gain of 8.36%. The U.S. customs tax package raised concerns about the possibility of a widespread trade war that could lead to global economic slowdown. Many trading partners, including China and the European Union (EU), have already announced countermeasures. It was notable that Bitcoin had been trading between $80,000 and $85,000 in recent days. Before Trump’s announcement on April 2nd that he would impose customs tariffs on 185 countries, Bitcoin was still valued at around $87,000. Trump had promised to make the U.S. the “crypto capital of the world” by supporting digital assets during his election campaign. Additionally, Trump has a national Bitcoin reserve plan. Trump is seen as a supporter of digital currencies but has so far not fulfilled the hopes of crypto supporters. Bitcoin had reached an all-time high of over $109,000 on the day Trump took office. Ethereum, ranked second in market value, also suffered a price drop of about 22%, sliding to $1,421.