• The world’s largest cryptocurrency gives up $ 100,000
• Trump’s tariffs shake global financial markets
The price of the digital currency “Bitcoin” fell during trading on Monday, deepening its losses for the fourth consecutive day, after abandoning trading above the psychological barrier of $ 100,000 per crypto unit, to record its lowest level in three weeks, due to risk aversion in the markets.
Selling of high-yielding assets accelerated, as fears escalated in the markets, following the decision of US President “Donald Trump” to impose tariffs on Canada, Mexico and China. This move increased the intensity of global trade tensions.
Price Overview
• Bitcoin price today: On the “Bitstamp” exchange, the price of the digital currency “Bitcoin” fell by about ($6,140), equivalent to about 6.3% to ($91,530), the lowest since January 13, from today’s opening price of ($97,670), and recorded the highest level at ($97,718).
• At settlement on Sunday on the Bitstamp exchange, Bitcoin prices lost 2.95%, in the third daily loss in a row, due to Trump’s customs duties.
• Bitcoin prices lost 4.8% last week, in the first weekly loss in the last three weeks, as part of corrections and profit-taking from the highest level ever at $109,356.
Market value of digital currencies
The market value of digital currencies fell on Monday by about $250 billion to a total of $3.105 trillion, in light of the current sharp decline in the prices of Bitcoin and other major currencies.
Trump’s Tariffs
On Saturday, US President Donald Trump imposed 25% tariffs on goods from Canada and Mexico and 10% on Chinese goods starting February 4.
This threatens to upend global trade and start a new trade war, especially as Canada and Mexico, the United States’ two largest trading partners, immediately pledged to take retaliatory measures, and China said it would challenge Trump’s tariffs at the World Trade Organization.
Opinions and Analysis
• The surprise for markets… is that Canada and Mexico responded immediately and others, namely China and the European Union, could follow suit, leading to a sharp contraction in global trade, said IG market analyst Tony Sycamore.
• The tariff war imposed by Trump is affecting the entire market, said Caroline Bowler, CEO of BTC Markets. Concerns about trade wars and recessionary inflation are spreading across the altcoins and bitcoin sector.
