The trade tension between the US and China has escalated, with China's retaliation to the 10% tariffs imposed by Washington, leading to significant impacts on the Bitcoin market.
China's Retaliation and Bitcoin Market
On February 1, Donald Trump announced plans for tariffs on Canada, Mexico, and China. At the start, BTC was priced at $102,398.67, falling 4.64% by February 2. Rumors of halting tariff plans on Canada and Mexico led to a 3.75% rise on February 3. However, China's retaliatory measures against US tariffs dampened the bullish sentiment, leading to a 2.66% price drop today.
Experts Predicting Volatility
Renowned crypto experts like Michael Van de Poppe believe volatility will persist in the Bitcoin market. Experienced traders noted a new short-term range for Bitcoin due to ongoing volatility. Onchain analyst Axel Adler Jr. highlighted Bitcoin's funding rates turning negative, a bullish signal.
New US Digital Asset Policy
Today, Donald Trump's AI and crypto czar, David Sacks, is holding a press conference to elaborate on the new US administration's digital asset strategy. Key finance and agriculture committee representatives are expected to discuss making the US a global leader in the crypto sector.
US-China trade tensions significantly impact the Bitcoin market, creating volatility and necessitating new trading strategies. Upcoming conferences and policies may further influence the market.
