Bitcoin prices hover around $97,000 on Wednesday, experiencing a 3.5% decline from the previous day. Despite announcements regarding a Bitcoin Reserve, the cryptocurrency shows signs of weakness. In parallel developments, President Trump's initial weeks in office are under scrutiny, with trade tensions escalating as the European Union emerges as a potential target for tariffs. Meanwhile, Gold prices soar to record highs, influenced by a weakening US Dollar and declining yields.
During a digital asset press conference, David Sacks, appointed as Trump's crypto czar, disclosed the evaluation of a Bitcoin Reserve. The announcement aimed to bolster confidence in Bitcoin but failed to counteract its recent price drop. This dip in Bitcoin comes amid broader economic uncertainties linked to trade policies and fluctuating currency values.
The European Union may find itself in President Trump's crosshairs for tariffs amidst ongoing trade discussions. Analysts suggest that Trump's leverage over China is significantly reduced compared to the first trade war, potentially shifting focus to other economic partners. These developments occur as a report scrutinizes Trump's initial weeks in office, highlighting the complexities of his administration's international trade strategies.
Gold has reached unprecedented levels, nearing the $2,880 mark per ounce troy. The precious metal's price surge is attributed to several factors, including a weaker US Dollar and declining yields across the curve. Additionally, increased demand for safe-haven assets has driven investors towards Gold amid current market volatility.
Despite market fluctuations, it is important to note that the views expressed in this article are solely those of the authors. They do not represent the official policy or position of FXStreet or its advertisers. Neither the author nor FXStreet are registered investment advisors, and this article is not intended to provide investment advice.