Bitcoin price drops to $83k following Trump tariffs; US jobs report upcoming.

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Bitcoin dropped slightly on Friday as global market concerns deepened, fueled by U.S. President Donald Trump's sweeping tariffs, which heightened recession fears and prompted investors to shy away from riskier assets. The leading cryptocurrency fell by 0.3% to $83,121.50 at 01:50 ET (05:50 GMT). 

Trump’s aggressive trade policies, which include a 10% universal tariff on all imported goods set to take effect on April 5, 2025, and reciprocal tariffs on specific nations, have sparked concerns about a global economic slowdown. The tariffs, such as the 54% combined tariff on China, and 20% on the European Union, 24% on Japan, and 26% on India, have raised fears of supply chain disruptions, reduced global trade, and weakened corporate earnings.

This economic uncertainty has led to declines in major U.S. stock indices, and most Asian stock markets continued to fall on Friday. In response, Bitcoin and other cryptocurrencies, traditionally seen as alternative assets, have come under pressure as investors turn to traditional safe-haven assets like gold.

With tighter financial conditions and recession fears, speculative investment appetite for cryptocurrencies has dwindled. Analysts warn that if economic conditions worsen, liquidity concerns and reduced investor risk tolerance could lead to further declines in the crypto market.

Looking ahead, the market’s next moves will depend on the U.S. nonfarm payrolls report and potential policy signals from Federal Reserve Chair Jerome Powell, as traders assess whether the Fed might need to adjust monetary policy to address economic weakness.

Altcoins showed mixed movements on Friday amid ongoing economic uncertainty. Ethereum, the second-largest cryptocurrency, fell 0.9% to $1,804.57, while XRP gained 0.5% to $2.0706. Solana dropped 2.1%, but Cardano rose 0.7%, and Polygon gained 1.8%. Among meme tokens, Dogecoin declined 1%, while $TRUMP rose 0.5%.

 

 

 

 

 

 

 

 

 

Paraphrasing text from "Investing.com all rights reserved by the original author