Bitcoin recovered, surging towards $84,000 on Saturday amidst trade war uncertainties between the United States and other countries.
It rebounded from losses sustained earlier in the week. The price of Bitcoin dipped as low as $74,700 on Monday, fueled by concerns over the economic impact of Trump’s month-long trade war.
However, as of the time of filing this report, Bitcoin was trading around $83,800, reflecting a 5.1% increase in the past 24 hours, according to data from CoinGecko. Over the past few weeks, Bitcoin has demonstrated remarkable resilience, maintaining a trading range between $75,000 and $85,000 despite significant price fluctuations triggered by shifting trade policies.
The development follows a 90-day pause on most tariffs announced by U.S. President Donald Trump.
The pause has momentarily eased investor concerns amidst ongoing trade tensions with China.
Other cryptocurrencies have also experienced upward momentum: Solana has risen by 8.3% to $120, while Ethereum has climbed 3% to $1,550.
Chief Investment Officer at crypto asset manager Hashdex, Samir Kerbage, highlighted Bitcoin’s outperformance compared to traditional risk assets during the week’s turbulence.
“This week will be remembered for its volatility and uncertainty,” Kerbage told Decrypt. “Bitcoin has been behaving better than most risk assets in recent days, showcasing its resilience amidst market turmoil.”
The week has also been eventful on Wall Street, where stocks experienced some of the strongest swings in recent history.
Despite the temporary tariff pause, Trump escalated the trade war with China, raising the total tariff rate on Chinese goods exported to the U.S. to a record 145%. U.S. equity markets responded positively to the tariff pause: the S&P 500 climbed 5.6% for the week, the Nasdaq jumped 7.3%, and the Dow rose 5%, according to Yahoo Finance.
Despite these gains, analysts caution that the unpredictability of Trump’s trade policies continues to weigh on investor sentiment.
While the tariff pause provided temporary relief, market participants remain wary of the broader implications of escalating trade tensions, particularly as they pertain to global economic stability.
