The Bitcoin market experienced a downturn on Wednesday as prices hovered around $97,000, following a 3.5% decline the previous day. Despite the recent announcement of a Bitcoin Reserve, BTC shows signs of weakness. Meanwhile, President Trump's initial weeks in office are under scrutiny, with reports suggesting that the European Union may be his next target for tariffs. In contrast, Gold prices reached record highs near $2,880 per ounce troy, propelled by a weak US Dollar and heightened demand for safe havens amid tariff concerns.
President Trump's current trade strategies reveal less leverage over China compared to the first trade war. The focus now appears to be shifting towards the European Union. These developments come as David Sacks, appointed as Trump's crypto czar, announced the evaluation of a Bitcoin Reserve during a recent digital asset press conference. However, the news has not buoyed Bitcoin's value as anticipated.
In the realm of precious metals, Gold has reached unprecedented levels. The surge to nearly $2,880 per ounce troy is attributed to the declining US yields across the curve, along with increasing demand for safe haven assets. These factors are exacerbated by prevailing concerns over potential tariffs, which have weakened the US Dollar further.
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