Bitcoin Bulls in Jail Amid Trump Tariffs
President Donald Trump’s threat to impose reciprocal tariffs on numerous nations next week dealt a blow to Bitcoin causing the price to plummet below $100,000.
Bitcoin dropped 1% to trade at $96.1K by publication. It lost 400 basis points this week.
President Donald Trump warned on Friday that he would impose tariffs on the United States which caused Bitcoin and the broader equity markets to plummet again. The news heightened new concerns about an impending global trade war, further reducing risk sentiment, even though it was unclear which nations would be targeted.
According to the recently released non-farm payrolls report, there were 143,000 jobs in January, fewer than the 169,000 experts had predicted. When job reports are lower, investors tend to shy away from conventional safe-haven assets, making Bitcoin more alluring to them.
Trump’s tariff announcement stoked worries about international trade tensions, which negatively impacted the sentiment of the cryptocurrency market. Investors retreated to safer assets, which set off a larger risk-off movement throughout financial markets.
BTC is often regarded as a speculative asset, reflecting this waning attitude.
Traders have also been on edge due to macroeconomic uncertainties, such as concerns about global growth.
Bitcoin has risen significantly over the past year despite recent declines, boosted the cryptocurrency’s increasing popularity, and the anticipation of laxer regulations under Trump’s administration.
However, analysts caution that market volatility may persist shortly, especially as investors evaluate changes in economic policy and more general financial market patterns.
ABOUT THE AUTHOR
See More
Join 350 000+ traders receiving Free Trading Signals
Alerts
Rates
Calendar
Signals
Top Broker