A wave of volatility hit the financial markets as Bitcoin briefly surpassed $80,000 before retreating to $78,000 following the denial of tariff pause rumors.
Tariff Pause Rumors
Bitcoin's price surged after unconfirmed reports suggested a possible 90-day pause on tariffs by the Trump administration against China. This rumor fueled optimism in financial markets, allowing the cryptocurrency to break through the $80,000 resistance.
Denial and Price Drop
However, this optimism quickly evaporated when the White House denied the rumors, labeling them as 'fake news'. Following this denial, Bitcoin dropped back to $78,000, indicating market volatility.
Trump's Threats
In addition to the tariff situation, Trump threatened China with increasing tariffs to 50% if the country did not call back its own tariffs. This statement also pressured the markets and added uncertainty.
Thus, the recent fluctuations in Bitcoin's price reflect the complicated and dynamic situation on the international stage, highlighting the sensitivity of cryptocurrencies to political events.
