$BTC ๐ Bitcoin Retreats Amid Trade War Fears
Bitcoin extended its decline on Tuesday, retreating from recent highs as market sentiment was rattled by President-elect Donald Trump's threats of increased trade tariffs on China and other countries.
๐ Current Price: Bitcoin was trading at $92,323 as of 00:49 ET (05:49 GMT), after hitting an intraday high of $98,313 and a low of $91,466. This marked a continued pullback from its record high of over $99,000 reached last week.
The cryptocurrency faced significant selling pressure, likely driven by profit-taking, after failing to surpass the $100,000 mark.
๐จ Risk Appetite Hit by Tariff Threats
Trump announced plans to impose a 10% import tariff on China and a 25% tariff on Canada and Mexico, citing efforts to curb illegal immigration and drug trafficking.
These comments sparked fears of a renewed trade war among the worldโs largest economies, raising concerns about global growth.
๐ Broader financial markets reacted negatively:
Risk-driven assets retreated.
The U.S. dollar strengthened, nearing a two-year high touched last week.
Trumpโs tariff policies could weigh heavily on global growth and risk-sensitive assets in the coming years.
๐ Focus on Trumpโs Crypto Policies
Trump campaigned on a pro-crypto platform, vowing to make the U.S. a crypto hub.
His picks for Treasury and Commerce Secretary are known to have pro-crypto views.
However, the market awaits clear, tangible policies when Trump assumes office in January.
๐$BTC
๐ข Corporate Impact
MicroStrategy, the worldโs largest corporate Bitcoin holder, saw its stock tumble over the past three sessions. The company recently disclosed a $5 billion Bitcoin purchase, adding to selling pressure in the market.
๐ Market Sentiment on Edge
The continued weakness in Bitcoin and other cryptocurrencies highlights the fragile sentiment amid geopolitical and regulatory uncertainties. Investors monitoring global economic developments and Trumpโs upcoming crypto policies.