Bitcoin experienced significant volatility this week due to President Trump’s tariff announcements. Early Monday, BTC dropped to nearly $91,000 following retaliatory tariffs from Canada and Mexico. However, it rebounded above $100,000 after Trump paused Mexico tariffs for 30 days and announced a sovereign wealth fund, sparking hopes of potential investments in Bitcoin. The bullish trend reversed early Tuesday when China retaliated against U.S. tariffs, causing BTC to fall over 3% to $98,000, pulling altcoins down with it. Nasdaq futures also declined by over 0.5%, and the dollar saw increased demand as a safe-haven asset. Despite the turmoil, foreign exchange market activity suggests a potential rebound if Trump negotiates a deal with China, similar to his actions with Mexico and Canada. The AUD/CAD pair, a proxy for China’s economic health, only fell by 0.3%, indicating market expectations of a U.S.-China deal.
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