The world’s largest cryptocurrency Bitcoin (BTC) was seen witnessing major volatility during the weekend. The asset has continued to remain below the $100,000 mark and was seen struggling to recover its gains. The latest crash was linked to US President Donald Trump yet again. While this caused chaos in the market, the community is hoping to see the king coin recuperate this week.
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Analyzing the Bitcoin Market
Trump reportedly declared steel and aluminum tariffs, the most recent round in the US trade war that is becoming worse. According to an Associated Press report, Trump declared that a 25% tax would be applied to any steel and aluminum coming into the United States. In addition, he said that the US government will impose reciprocal tariffs on nations that charge import duties on US goods. He added,
“If they are charging us 130% and we’re charging them nothing, it’s not going to stay that way.”
Following this news, the world’s largest cryptocurrency dipped to a daily low of $94,745.26. But the king coin encountered swift recovery. At the time of writing, Bitcoin was trading at $97,169.58. It is worth noting that BTC hit an all-time high of $109,114.88 back in January. The asset is currently trading 10.89% below this peak. While the community was hoping that the king coin would reach a new high this month, BTC was moving rather slowly.
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BTC Weekly Price Prediction
It seems like the king coin will enjoy a bullish week ahead. According to data from CoinCodex, Bitcoin is all set to rise to a high of $106.613 this week. The prediction reveals that Bitcoin could jump back above $100,000 later today. While this restores hope in the market, the community is left confused. Bitcoin is expected to act as a hedge against economic and geopolitical calamities. But, the asset was being impacted by it.
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