On Wednesday, Bitcoin's price hovered around $97,000, marking a 3.5% decline from the previous day. This slump comes amidst rising concerns over market volatility, particularly as BTC shows signs of weakness despite a recent announcement regarding a Bitcoin Reserve. David Sacks, appointed as President Trump's crypto czar, revealed plans to evaluate a Bitcoin Reserve during a digital asset press conference, an announcement that has yet to stabilize the cryptocurrency's value.
Meanwhile, President Trump's early weeks in office are under scrutiny in a newly released report. The report hints that the European Union might be Trump's next target for tariffs. However, analysts suggest that Trump holds less leverage against China compared to the first trade war, potentially influencing his economic strategies. The international trade landscape remains uncertain, further complicating market conditions.
In contrast to Bitcoin's struggles, gold has surged to unprecedented levels. The ounce troy of gold reached near $2,880, driven by a weak US Dollar and declining US yields across the curve. These factors have contributed significantly to the precious metal's rise, underscoring its status as a safe-haven asset amidst economic uncertainties.
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