With the upcoming announcement of Trump 's "Independence Day" tariffs, the crypto market is in a state of anticipation and observation. Industry leaders suggest that investors are taking a cautious stance.
In reality, it is challenging to predict whether decisions taken by Trump will have a positive or negative impact on cryptocurrencies. The recent days of decline were followed by a bullish rebound today, with Bitcoin once again reaching the $84,000 mark. However, the fear and greed index still indicates a sense of fear in the overall crypto market.
This mixed situation reflects the uncertainty surrounding the implications of Trump’s tariffs. On one hand, a positive market reaction could allow Bitcoin to revisit its recent high of $88,000. Conversely, a negative reaction could drive the price of the leading cryptocurrency down to $70,000.
According to a report from The Guardian, Trump’s reciprocal tariffs could trigger a global trade war. Trump’s primary targets are the European Union, South Korea, Brazil, India, and China.
These protectionist measures could have significant repercussions on the global economy, with difficult-to-predict implications for the crypto market. On one hand, a major trade conflict could enhance the appeal of cryptocurrencies as safe-haven assets. Conversely, a global economic recession could impact the dynamics of the crypto market.
In this uncertain context, investors are cautious, eagerly awaiting Trump’s announcements to guide their decisions. The next session will be crucial in determining whether the crypto market will experience a significant rebound or face a new wave of selling pressure.
Gaston has been a writer for over 7 years and a passionate cryptocurrency enthusiast since 2020. He loves exploring the crypto ecosystem and is now dedicated to sharing his insights and discoveries through InvestX.
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