The latest developments in the ongoing Trade War have sent ripples through the cryptocurrency market, leading to a remarkable surge in bitcoin and various altcoins, only to see them crash soon after.
This recent volatility can also be traced back to a quickly refuted report regarding a potential 90-day pause on tariffs, which created uncertainty and speculation among investors.
*WHITE HOUSE SAYS “UNAWARE” OF 90-DAY PAUSE RUMOR ATTRIBUTED TO WHITE HOUSE ADVISOR HASSETT
WHITE HOUSE ADVISORS ARE SAYING 1 THING AND THE WHITE HOUSE IS SAYING SOMETHING ELSE
WE NEED ADULTS IN THE WHITE HOUSE https://t.co/OE4Ln9pWgv
— GURGAVIN (@gurgavin) April 7, 2025
The report claimed that the White House was considering delaying the implementation of tariffs that had recently seen aggressive increases. President Trump had previously imposed a 10% tax on all countries, with substantial tariffs impacting China, the EU, and several others.
In stark contrast to the rumored pause, Washington has adopted a more aggressive stance towards China. As reported by CNBC, Trump has threatened to impose an additional 50% tariff if Beijing does not retract the 34% tariff it recently enacted in retaliation.
This would bring the total tariffs against China to a staggering 104%, as confirmed by the White House.
In response, bitcoin experienced immediate price volatility, reacting to both the speculative report and the actual developments. After a significant drop to $75,000 following a market-wide crash, bitcoin surged to over $81,000 across platforms like Binance and Bitstamp.
However, this rally was short-lived. The subsequent refutation of the initial report, paired with Trump’s renewed warnings, led to a sharp decline, pushing BTC below $79,000.
The effects weren’t limited to cryptocurrency alone; Wall Street also reflected this volatility, with noticeable declines immediately following the market opening. The past few trading days have proven particularly painful for investors, evident by the S&P 500’s decline of over 11% since Wednesday.
As the situation continues to evolve, market participants should remain vigilant and informed regarding the interplay between geopolitical developments and their impact on financial markets.
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