
Crypto Daybook Americas: Bitcoin Dips Amid Trade Policy Uncertainty
An overview of the latest cryptocurrency market changes as Bitcoin experiences decline amidst renewed fears about U.S. trade policies.
Key Highlights
You are viewing Crypto Daybook Americas, your essential morning update on recent events in the crypto markets and anticipated developments.
Market Update
Cryptocurrency markets experienced a downturn last Friday, with traditional market anxieties over U.S. trade policies overwhelming generally favorable industry news. The CoinDesk 20 Index, tracking the broader crypto market, dropped by 4.4%, closing at 3,129.
Bitcoin, BTC, fell 2.8% to around $105,300, even though it has remained above $100,000 for 20 consecutive days, indicating ongoing investor interest.
Concerns escalated as a U.S. appeals court reinstated trade tariffs previously blocked by a lower court, sparking fears of a prolonged trade war. Secretary Scott Bessent commented on stalled negotiations with China, stating:
“When it comes to global trade right now, the only certainty is uncertainty.”
As uncertainty looms, Bitcoin is proving to be a resilient asset. The BlackRock iShares Bitcoin Trust is seeing record-low volatility and attracting substantial investments, with Spot Bitcoin ETFs marketing over $5.85 billion in net flows this month alone.
Global Developments
Watch for further updates on essential macroeconomic indicators, including inflation rates that could influence Fed interest rate policies in the near future. The general consensus is that worsening inflation could adversely impact asset prices.
Bitcoin holding steady at $100,000 is now a key indicator as market volatility persists. Stay tuned for updates.
Upcoming Events
- May 30: FTX repayments commence.
- June 4: The U.S. House Financial Services Committee will conduct a hearing on Digital Assets.
Stay alert as the landscape continues to evolve!