Bitcoin price reached $88,500 following the US tariff rollback news. Examining key factors driving this surge.
Bitcoin price surge and factors
Bitcoin extended its rally to $88,500 after news came out that the Trump administration had not finalized the 'Liberation Day' tariffs. Israel, Mexico, and India have already rolled back their tariffs on US imports or have stated they will not implement retaliatory tariffs in response to the expected US tariffs.
Cryptocurrency market liquidations
In the past 12 hours, total market liquidations reached $145 million, with $69.4 million coming from Bitcoin shorts. These liquidations played a role in today’s push above $88,500.
Bitcoin reserves and influencing events
Recently, companies like GameStop, MARA, Metaplanet, and Strategy announced plans to buy more Bitcoin. GameStop is close to purchasing, while Strategy actively adds to its BTC position. Sustained buy volume at Binance and Coinbase Pro could significantly impact the current price rise.
Short-term market factors and political leaders' decisions continue to affect Bitcoin's price. How traders will respond to the US tariffs remains to be seen.
