Bitcoin faces uncertainty amid US tariff worries, potential recession, and $2 trillion market value reduction.
From Cointelegraph
March 14, 2025 1:30:00 pm:
In his first three months as president, Donald Trump’s tariffs on Canada, Mexico, and China have caused unexpected turmoil in US and global markets. The crypto market felt the impact, with the US president backing away from some tariff plans on Mexican and Canadian goods. The volatility underscores uncertainty in markets, with former US Treasury Secretary Lawrence Summers stating that tariffs have already reduced the US stock market value by $2 trillion. The future impact on the crypto sector remains uncertain, as Bitcoin could benefit from a trade war weakening the US dollar through inflation. Trump’s pro-crypto stance initially boosted Bitcoin, but prices have since tumbled despite plans for a strategic crypto reserve. Cumulative flows into Bitcoin Spot ETFs reached record highs following Trump’s victory, but concerns over a potential tariff war have impacted market sentiment. Bitcoin ETFs have seen significant outflows since February as uncertainty looms, while safe haven assets like gold have responded positively amid the tariff war. Traders believe the market will adjust to focus on fundamentals over tariff threats as a bargaining chip. Some traders do not base their strategies solely on tariffs, viewing them as a headline that influences short-term sentiment but doesn’t alter the market’s fundamental conditions. Trump’s fiscal austerity program, rather than tariffs, is seen as the real driver of crypto markets.
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1. Bitcoin hits new record high of $63,000, fueled by increased institutional interest and growing adoption among retail investors. The cryptocurrency market cap surpasses $2 trillion for the first time.
2. Ethereum price reaches all-time high of $2,500, driven by the upcoming network upgrade and growing demand for decentralized finance applications on the platform.
3. Dogecoin surges over 400% in a week, fueled by social media hype and celebrity endorsements. The meme-based cryptocurrency gains mainstream attention as more retail investors flock to buy.
4. NFT market continues to boom with digital artist Beeple selling an artwork for $69 million at Christie’s auction house. The non-fungible token space sees increased interest from collectors and investors alike.: Bitcoin bull market in peril as US recession and tariff worries loom