Bitcoin Surges to New Highs Following Trump’s Policy Decision
Bitcoin surged to new highs this week, surpassing the $83,500 mark, a 12% jump, following a significant policy decision by former US President Donald Trump. The U-turn on global tariff policies not only boosted the leading cryptocurrency but also reaffirmed the analysis of BlackRock CEO Larry Fink, who highlighted a prime buying opportunity in a recent statement to investors.
On Wednesday, Bitcoin saw a substantial surge of over 8%, reclaiming the $84,000 level, which represents its biggest daily gain since mid-March. The price action came shortly after Trump announced a 90-day temporary suspension of the proposed tariffs, now restructured to impose a flat 10% rate on imports from all U.S. trading partners except China. This measure came as a relief, allaying fears of an extensive trade war.
The impact on the cryptocurrency market was immediate: Bitcoin climbed 13% from its lowest intraday value of the week before reaching a peak of $83,600. Cryptocurrencies such as Ethereum, XRP and Dogecoin also followed suit, with significant gains.
In a presentation to the Economic Club of New York, Fink had predicted that the proposed tariffs could trigger a 20% market correction. However, he interpreted this potential setback as an opportunity for strategic buying. “I see this as more of a buying opportunity than a selling opportunity, but that doesn’t mean we can’t go lower,” said Larry Fink.
This scenario is starting to play out as policy is revised and the economy is responding. However, with inflation reports from the US and China expected soon, the market could see more volatility. Significant resistance at $88,800 presents a hurdle before a potential move to the $100 level.
Investors and traders are cautiously watching future moves as speculation about the effectiveness of tariff policy and the health of the global economy continues to dominate discussions. The bullish potential remains, but it is accompanied by an awareness of technical and economic challenges that could quickly alter the outlook.
At the time of publication, the price of Bitcoin was quoted at US$81,694.15, up 8% in the last 24 hours.