Bitcoin price is on the verge of dropping below $85,000 as a tumultuous week continues. Trump escalates the global trade war, urging China and the EU to retaliate.
Economic Tensions and Impact on Cryptocurrencies
Bitcoin's decline began independently of the U.S. Justice Department's statements, with losses continuing. Concerns over Trump's inflationary measures that could lead to further interest rate hikes are mounting pressure on the market.
U.S. Justice Department's Announcement
Bitcoin fell below $84,200 following the latest announcement from the Justice Department. Aleksei Andriunin, founder of Gotbit, has been extradited from Portugal to the U.S. He is accused of market manipulation by creating artificial trading volume for cryptocurrency companies. Charges include conspiracy to commit electronic fraud and market manipulation.
Implications for Market Dynamics
Over $25 million in cryptocurrency linked to the Russian national, who faces a 25-year prison sentence, has been seized. This event has added further pressure to the market, worsening price instability.
Legal battles and economic tensions continue to significantly impact the cryptocurrency market, leading to sustained price declines.
