Crypto Market Sees Pullback Amid Trade Worries
On Friday, Bitcoin and other altcoins experienced a downturn, losing some of their recent gains.Bitcoin (BTC) dipped to $107,300, down 4.12% from its weekly peak. Ethereum (ETH) also took a hit, dropping over 8%. the crypto market cap, excluding Bitcoin, fell from $1.28 trillion to $1.19 trillion.
This crypto retreat mirrored the stock market’s downward trend. Futures linked to the Dow Jones, S&P 500, and Nasdaq 100 each fell by over 1%, extending a sell-off that began on Monday.
The crypto dip and stock market decline were driven by renewed trade concerns. former President Donald Trump, in a TruthSocial post, stated that EU trade talks were stalled. he warned of a 50% tariff on EU goods. This comment added to existing uncertainties, as both sides consider retaliatory measures.Such as, Europe may increase tariffs on US products, like Boeing jets.
Despite these challenges, the crypto bull run might not be over. First, high tariffs are often a negotiation tactic, as seen in past trade deals. Second, Bitcoin is increasingly viewed as a safe haven. Its demand is growing while supply decreases, which bolstered its price from near zero to $111,900 over 16 years. such market pullbacks are normal phases in Bitcoin’s history.
