Bitcoin and Crypto Markets React to Trump Tariffs: Uncertainty Fuels Potential Bulls
As global trade tensions escalate, the cryptocurrency market finds itself at the mercy of political decisions. President Donald Trump’s recent announcement of tariffs ranging from 10% for the U.K. to 49% for Cambodia has sent shockwaves through financial markets, including the crypto sphere. Here’s a closer look at how these tariffs could impact Bitcoin and the broader crypto market.
Trump Tariffs: Potential Impact on Bitcoin and Crypto Markets
President Donald Trump announced tariffs ranging from 10% for the U.K. to 49% for Cambodia, suggesting they will raise trillions for the U.S. economy. The uncertainty in the market has led to initial huge losses in all financial markets, including crypto. While the full impact of these tariffs on the U.S. economy and China’s reaction remains to be seen, crypto markets may turn bullish due to this uncertainty.
Coinbase Shares Hit 7-Month Low Amid Trump Trade War
Coinbase stock sank to a seven-month low on Friday as the U.S. equities market continued plummeting in response to President Donald Trump’s recent tariff announcements. Shares in the American crypto exchange fell more than 13% at one point during Friday’s trading session and remain 6.38% below market open. Losses are also extending among Bitcoin miners, just days after the group collectively posted their worst trading month ever. Riot Platforms and BitDeer recently plunged 4% and 8.44%, respectively, in early Friday afternoon.
Public Keys: Circle IPO Filing, MicroStrategy Approaches 3% of Bitcoin Supply, Bakkt Troubles
Circle, the issuer of USDC, has filed to go public. The company has been a cash cow for Coinbase, which receives half of all residual revenue Circle makes on its stablecoin reserves. MicroStrategy continues to buy Bitcoin and could soon hold 3% of the total supply. Bakkt, however, is facing troubles. Decrypt reporter Matt Di Salvo explains why experts believe midsize Bitcoin miners might need a wellness check in the coming months.
Standard Chartered Forecasts Bitcoin to Rise to $88,500 This Weekend
Standard Chartered predicts that Bitcoin could soar to $88,500 this weekend. According to the bank, BTC no longer mimics gold but behaves like a leading technology asset, capable of weathering macroeconomic shocks. Geoff Kendrick, global head of crypto research at Standard Chartered, made this important statement, which has caught the attention of crypto investors. This prediction is part of a complete reassessment of Bitcoin’s role and marks a significant strategic transformation for the asset.
Trump’s Tariffs Spark Market Chaos: Stocks Plunge, Bitcoin Holds Strong
Donald Trump’s latest tariffs have sparked market chaos. China retaliated with its own 34% tariff on all U.S. imports, erasing $3.5 trillion from the S&P 500 in two days. Tech giants like Apple, Tesla, and Nvidia saw significant declines, and big banks including JPMorgan and Goldman Sachs also dropped. The Dow fell over 3,500 points in 48 hours, and Nasdaq is entering bear market territory. Investors are shifting towards safer bets like bonds, with the 10-year Treasury yield dropping below 4%. While stocks crashed, Bitcoin stayed surprisingly strong, slipping only 3% and hovering near $80,000.
