BTC price today: Bitcoin has recorded a surge of nearly 2%, indicating a renewed market confidence towards the flagship crypto. Notably, the crypto market has recorded volatile trading lately, especially as President Donald Trump’s tariff policy has dampened market sentiment, triggering a massive selloff in the broader financial market. However, with recent indications of further tariff relief, investors seem to be entering the digital assets space again today.
BTC Price Today Soars Amid Trump’s Tariff Relief
Bitcoin price surged nearly 2% today as global financial markets reacted to recent comments from Donald Trump. The US President hinted at easing certain trade barriers, sparking renewed interest in digital assets. Investors, previously spooked by tariff escalations, appear to be shifting focus back to crypto.
Bitcoin traded at $85,896, after touching a high of $85,926 in the last 24 hours. However, its one-day volume fell nearly 6% to $28.58 billion while CoinGlass data showed that BTC Futures Open Interest rose around 1%, reflecting renewed market confidence.
Meanwhile, this rebound in the financial market comes as Trump suggested possible exemptions from the steep 25% tariffs on imported vehicles. This potential relief for key partners like Mexico and Canada has calmed nerves in a market rattled by protectionist policies.
According to reports, Trump’s administration has also rolled back some previous tariffs. Notably, gadgets like smartphones and laptops, along with various tech products from China, are now exempt from these tariffs.
However, despite the softer rhetoric, uncertainty looms. Reports suggest the administration may target new sectors, such as pharmaceuticals and semiconductors. These sectors are critical to global trade and could face steep duties, while tensions with China remain high, with certain goods still facing tariffs of up to 145%, and China maintaining retaliatory measures of 125%.
Crypto Market In Focus
Amid the looming market uncertainty, investors are once again shifting their focus towards the digital assets space, especially Bitcoin. Notably, the Trump administration is contemplating the use of tariff revenues to purchase BTC, which has further fueled market sentiment.
The recent meeting between Donald Trump and BTC president Nayib Bukele has also buoyed market sentiment. On one hand, the US government is reportedly exploring ways to accumulate more BTC, as mentioned by Bo Hines, Executive Director of the Presidential Digital Asset Advisory Committee.
This initiative aligns with President Trump’s ambition to position the US as a leader in the global crypto landscape. The government’s plan to utilize tariff revenues for a national Bitcoin reserve signals a significant potential shift in economic strategy.
With BTC currently trading near $86K, the administration’s approach could redefine digital assets’ role in the US economy and further solidify Bitcoin’s position as a viable investment choice.
As BTC price today continues to showcase a robust increase, analyst Michael van de Poppe has shared key insights on potential future price movements. In a recent post on X, Poppe noted that if BTC breaks through the $87K resistance level, it could target prices ranging from $92K to $94K in the days ahead.
Rupam Roy
Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam’s expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news. Rupam’s career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
✓ Share: