Bitcoin Surges Amid Mixed Signals on US-China Trade War
Bitcoin’s price saw notable movement as conflicting statements from US officials on trade tariffs with China created market uncertainty. Here’s a breakdown of the key developments and their impact on cryptocurrency markets.
Bitcoin Jumps Amid Trade War Confusion
Bitcoin held near the $84,500 level on Monday following a weekend of muted price movement. The jump in Bitcoin and other traditional markets came as the latest moves in US-China trade tensions confused investors. Initially, the White House announced exemptions for smartphones, computers, and other consumer electronics from steep tariffs. However, later statements from Commerce Secretary Howard Lutnick and President Trump contradicted these exemptions, stating that separate levies would be imposed on these electronics soon, not tied to specific countries.
Swedish Lawmaker Proposes Bitcoin Strategic Reserve
A Swedish Member of Parliament, Rickard Nordin, has formally called on the government to consider adding Bitcoin (BTC) to the nation’s foreign currency reserves. Nordin argued that Bitcoin’s inherent properties, akin to gold, coupled with its increasing global usage, make it a viable tool to combat inflation and navigate global economic shifts. He referenced the growing international discussion surrounding the role of digital assets in national financial strategies, pointing to the United States where various state and federal officials have explored the idea of holding Bitcoin as a strategic reserve, similar to gold, particularly in the face of rising geopolitical and economic uncertainty.
Ray Dalio Sounds Alarm on Global Risk, Bitcoin Shows Resilience
Ray Dalio, founder of investment giant Bridgewater Associates, warned of a potential systemic breakdown of the global economic and political order in an interview with CNBC. Amidst the growing uncertainty and market volatility, Bitcoin (BTC) has demonstrated resilience, breaking a three-month downtrend and approaching $85,000. This suggests that BTC may be emerging as an alternative SAFE haven asset. Meanwhile, mixed signals from the White House on tariffs continue to add to the market uncertainty.
Tensions Rise, But Saylor Keeps Backing Bitcoin
As markets wobble and capital flees risk assets, Michael Saylor of Strategy persists in his support for Bitcoin. Despite macroeconomic turmoil and a BTC correction intensifying, Saylor has added more than 22,000 bitcoins to his treasury, bringing the total to 528,185 BTC. This decision raises questions about the timing amidst geopolitical uncertainty, but Saylor views Bitcoin as a conviction rather than a gamble. The massive acquisition defies market signals and reignites the debate on the resilience of the maximalist strategy.
Bitcoin Price Prediction for Today: BTC Recovering Despite Mantra Rug-Pull
The Bitcoin price is gaining strength as no CME gap was formed during the past weekend. The price broke out on Friday and retested the downtrend line over the weekend, suggesting the bulls are in line to push the BTC price towards $90,000. However, the price needs to rise above and secure a crucial resistance in the next few days to clear the path towards $100K; otherwise, a drop close to yearly lows is imminent. The markets began to recover after President Trump halted the tariffs.
