Bitcoin falls to $94k due to Trump's tariff threats, impacting global growth and risk sentiment

From Investing.com

November 26, 2024 01:22 AM:

Bitcoin fell 3.6% to $94,567.1 due to Trump’s tariff threats on China, Canada, and Mexico. The coin failed to breach $100,000 last week, sparking profit-taking. Trump’s trade war fears rattled risk sentiment, causing broader markets to retreat and the dollar to rise.

Trump’s import tariff threats on China and other countries sparked renewed fears of a trade war, impacting global growth. Markets retreated, and the dollar rose sharply, approaching a two-year high. Trump’s plans for steep tariffs could weigh on global growth and risk-driven assets.

Markets await Trump’s crypto policies, as he had campaigned on a pro-crypto platform. Cabinet picks hold pro-crypto views, but tangible policies are awaited. Weakness in Bitcoin spilled over to other crypto assets, with MicroStrategy tumbling after buying over $5 billion in Bitcoin.

Crypto prices dipped as altcoins tracked Bitcoin’s losses. Ethereum rose slightly to $3,242.17, while XRP fell 1.4% after SEC Chair Gensler announced his resignation. Other major cryptocurrencies like Litecoin and Dogecoin fell between 1.9% and 6.3%, with Shiba Inu dropping 4.2%.

Read more at Investing.com: slips to $94k as risk appetite sours on Trump tariff threat By Investing.com