US President Donald Trump announced reciprocal tariffs against every country with a trade relationship with the US.

Trump said the US would enact varying tariff percentages against each country based on the tariffs they impose on American goods.

The news led to a significant spike in volatility across major markets, including crypto, which saw the announcement wipe out the gains recorded from a significant rally earlier in the day.

Bitcoin (BTC) initially climbed to $88,500 as Trump took the stage but quickly crashed back to the daily opening price of around $85,100 before sliding again after the speech.

Based on CryptoSlate data, BTC remains in a downtrend and was trading at $84,382 as of press time, down 0.99% over the past 24 hours.

Legacy risk markets, including equities, saw similar volatility, while gold, considered a safe-haven asset, climbed back to its all-time high near $3,100.

The wider crypto market saw similar movements, with the vast majority of digital assets wiping the day’s gains to trade in the red.

Ethereum (ETH) was down 1.66% for the day and trading at $1,880 as of press time after climbing to $1,957 earlier in the day.

Solana (SOL) was down 1.59% for the day and trading at $128.3 as of press time, while BNB was down 2.16% and trading at $597 over the same period.

XRP was trading at $2.09, down 2.55%, while Dogecoin (DOGE) fell 2.45% to $0.1688.

Investors have been cautious about exposure to risk assets for several weeks due to the lack of clarity around Trump’s tariff plans.

While the initial reaction to the news has been negative for Bitcoin and equities, the resulting clarity around the tariffs could alleviate the market uncertainty that has held investors at bay.

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A Canadian crypto forum moderator and father of four claims to have been forced into hiding after an alleged kidnapping and torture attempt. The attackers reportedly targeted him, falsely believing he possessed an immense amount of Bitcoin.

The incident has left the man and his family in a precarious situation as they move from one temporary residence to another, fearing for their safety.

Crypto Forum Moderator Targeted in Bitcoin Kidnapping

The alleged incident, which took place in November 2024, started when two masked people allegedly got close to the Crypto forum’s house. As per the statement, the suspects escaped from the scene after the man closed the door on them. A few days later, the victim saw the masked men in an unmarked vehicle near his house while he was taking his child to daycare.

The suspects are said to have followed the man onto a main road. When the situation worsened, he was on the phone with the police when the suspect vehicle turned and three of its occupants escaped on foot. 

Shortly after, the driver of the vehicle reportedly came out and confronted the victim, and another suspect brandished a firearm. The man stated that he used bear spray as a way of protecting himself from the suspects until the police came in to arrest the duo.

Claims of Torture Equipment Discovered

In the report, the Crypto forum moderator stated that the suspects intended to kidnap and torture him in order to get his cryptocurrency. 

The police investigations suggested that the attackers thought he had 2.5 million Bitcoins worth billions of dollars because he was a moderator of a cryptocurrency Facebook group.

‘The guys had equipment to torture me,’ the man said to La Presse. They had a tarp with a hole in the middle and claws to cut off a limb and stop the bleeding. It’s incredibly violent.” The victim claimed that his actual BTC investment was $10,000 which is like 0.1 of a Bitcoin as per current price.

Suspects Released on House Arrest

Four suspects, two of which are adults and two are juveniles, were taken into custody in relation to the event. The adults are to be charged with conspiracy to kidnap and use of prohibited firearms. However, all these four suspects were released on house arrest to await their trial that is set to commence in March.

The release of the suspects has been a matter of concern to the family of the Crypto forum moderator since there is a possibility of their attack. The family was told by the authorities that they should move away from the area saying that the suspects could be linked to organised crime. The family has since been transferring from one short term lease house to another in an effort to flee any danger.

A representative of Quebec’s provincial police, Sûreté du Québec stated that although the police offer guidance to victims, they cannot offer round the clock protection.

”We do not advise people to change their address but it is one of the measures we are considering, the other ones are to change the locks or to install cameras and alarms,” the spokesperson said.

Despite this, the victim has expressed frustration over the suspects’ release, stating it has forced his family into hiding. “The police told us they can’t ensure our safety,” he said, adding that his family has been burning through their savings to stay safe. The man also revealed that the Youth Protection Department (DPJ) became involved after rumors of the incident spread at his children’s school.

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Kelvin Munene Murithi

Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.