Honestly, we were all pumped about Trump coming back. Everyone except the woke crowd with their weird hair colors was expecting the Trump Pump to kick in right from day one. But I gotta admit, I misjudged how this new administration would impact Bitcoin's price.
It's only been two weeks since his inauguration though. Maybe we’ll see a pump after everyone sells off, lol. I’m guessing there were a bunch of liquidations during that recent drop too.
Altcoins really took a hit compared to Bitcoin since it looks like the new president has started a trade war.
He followed through on his campaign threats and within days of taking office, Trump dropped 25% tariffs on almost all imports from Mexico and Canada, plus a 10% tariff on stuff coming from China.
These tariffs kick in starting Tuesday.
One major reason that stopped the pump or cooled down the hype was that Trump and Melania came out with some shitty meme coins. I believe that to be a major reason because it significantly undermined the idea that Trump is serious about bitcoin in particular. When I saw these meme coins being launched, I thought what the fuck... There is a guy, the president of the United States, talking about strategic reserves in bitcoin and then the first thing he does is launch a Trump coin and a Melania coin? I really think this depressed the hype and any spirit of optimism because this is not what bitcoin enthusiasts would expect from someone who is serious about a strategic reserve in bitcoin.
Think for a second how the hype would have been fed with further optimism if his first action wouldn't have been the launch of a meme coin, but the first official purchase towards building the announced strategic reserve. Consider what would happen if Michael Saylor now launched meme coins and would not live up to his words of further bitcoin purchases anymore. Bitcoin holders would really get afraid. Trump reduced his bold announcements to absurdity within an instant.
I dont know how the side that was aligned with Dick Cheney got painted as woke LGBT communists but thats beside the point. Trump is doing exactly what he promised so it should be no surprise these irrational policies are creating some economic uncertainty. He already played this game of imposing and suspending tarrifs the first time he was in office and what we saw was that it is in fact not China who pays for the tariffs but US businesses and consumers who suffer higher costs.
Another surprising move by Trump, but honestly, I dont think this news is really causing Bitcoin to drop. Bitcoin has dumped before, and the current dip isnt huge, were still trading around $100k, so it doesnt seem to have much effect.
As for the tariffs, I hope the U.S. benefits. If importers stop bringing in products due to high tariffs, American companies might have to produce their own goods to meet demand. High tariffs tend to discourage importers by cutting into their profits, which could also push prices up and make consumers less willing to pay.
Interestingly, I find it more a surprising move for the bitcoin market, than for Trump. And that too, just a tiny little surprising.
Imho Trump's tariffs are something he has promised in his election campaign and it's becoming less a surprise he keeps his word. However, imho this will have an overall negative effect on US economy and I think that this is why bitcoin price may be going down. On the other hand, Trump keeping his promise may end up in a proper Bitcoin reserve too, and rather soon; and that's why I find the price drop a bit surprising.
However, we still have to keep in mind that this kind of price drop is rather insignificant for bitcoin and usual. And we also have to keep in mind that we had new ATH not long ago and a pullback is normal, plus the Asian markets may be "asleep" because of the Chinese New Year, leaving more room for others to speculate.
That's going to have a negative effect on the global economy if it doesn't work out the way he expects it to, not only on the US one. Tariffs are bad for global trade in general because they put up barriers to free market. In some cases he is using them to get other countries to comply with the conditions he demands, and as long as they don't he will (apparently) keep them in place. The problem is if he doesn't get what he wants by starting a tariff war that goes on for a while. That's going to be bad for business and has affected all markets. First the stock market and then the cryptocurrency market.
I don't really care but wasn't everyone in the know saying that they hoped the tariffs happened? As that would have shat on the dollar and, conversely, buffed Bitcoin's value as a safe haven asset? They also admitting they got it wrong now or saying this is just the weak hands?
Never bought any of that crap since I think all this current action is just speculators affected by markets, so short term, BTC just going to correlate a hell lot like it has been for the past few years now.
And if there will be an effect on this imposed tariff, it's going to be temporary, although I do not see this as a major reason why the prices dump. And if we look at the Chinese Lunar year celebration, it's like most of them might have been selling to enjoy this season.
So I'm not surprised that the price is somewhat on the down side, but I'm expecting that it will recover again this Monday as the Asian market is again alive and kicking and probably will make a lot of buying to push the price at least $103k.
If the impact were that huge, Bitcoin might have dumped to $80k or even lower, but that didn't happen, which shows this news isnt enough to crash the market. I remember when the world was hit by the pandemic, stocks fell, but Bitcoin stayed stable and even rose. The same logic applies here: the products and companies affected are tied to stocks, so stocks might take a hit, but Bitcoin will likely benefit in the long run.
And if the market really were affected, you're right, if Trump fulfills his promise of making Bitcoin the national reserve, that would create a massive hype, and we might see Bitcoin shooting up to over $200k.
Why is everyone surprised about Trump imposing high tariffs? He's been talking about high tariffs for years.
Maybe the cryptocurrency prices will go back up after the Trump administration starts imposing those pro-crypto regulations... if they keep their promise. By the way, the BTC price dropped below 100K in the last Monday of January, but it quickly recovered back to 105K USD two days later.
I don't know what happened back then, maybe the Bitcoin price will keep dropping below 100K USD every Sunday/Monday and recovering on every Tuesday.
This is fresh news, though it was kind of expected. Bitcoins currently hovering around $98k, so if it keeps sliding, it makes sense that this news is relevant to its movement. But honestly, the impact likely won't be huge, we've seen Bitcoin drop hard before, and it always bounces back. At this price, it's still too early to hit the panic button, even though Trump's tariff policies could really shake things up for countries hit by them.
The news didn't have much of an impact on bitcoin as it's the weekend, and Mexico and China have yet to react to Trump's tariffs. But if they react strongly and there is no agreement between the two sides, we could soon see negative impacts on the entire financial market and Bitcoin is no exception.
A tariff war would have a negative impact on all countries involved but the United States would likely be the least affected. But don't think that if the US could manufacture itself, it would produce cheaper goods because costs in the US are more expensive than anywhere else.
Ultimately, it will be the consumers, the middle and low income earners, who will be hit the hardest so I don't expect the trade war to escalate.
mexico and canada said fuck you we will tarriff you back.
and now btc is under 98k
china does not import much and they are yet to tarriff back.
Trump needs to to watch out as many americans eat avocado and maple syrup.
so first eggs now avocado and maple syrup.
so does trump say fuck you mexico and canada and call their tariffs maybe he moves them to 35%
avocados will soon be 3 dollars a piece and maple syrup will cost 30 for an 8oz bottle.
i bet he did not expect the fuck you back.
now we can get more bitcoin at a discount.
what do you think his end plan is? becasue obviously, whatever tariff he puts in place, the cost will just be passed down to the consumers.
altcoin has been going pretty weak except for very like solana and xrp, it's no wonder altcoin is going under, but man, this tariff does really bring some anxiety to me because I put majority of my net worth in BTC, but since i'm still up anyway, I guess i'm gonna be optimistic.
but it'd be great, if there's no economic war and this tariff thing, because it just hold our bitcoin from growing up, but apparently there might be yet another waves of unstability that's about to come.
wonder what would be with all these tariff when other countries also retaliate and there will be tariff war, can you imagine.
I don't consider this as a big news, but Trump is set to speak to the leaders of both Mexico and Canada regarding to the retaliatory tariffs that both countries have imposed against the US. However, Trump isn't scared and also said "We can play the game all they want." LINK
I bolded a particular part of the quote because I guess we will all agree that most of the people in Canada doesn't like how Trudeau anymore, and they want him out already. TBH, I don't know how these "tariffs" will turn out on all 4 countries (including China), but one thing's for sure. Trump can manipulate the market anytime he wants to. Of course, in an indirect way.
I hope most here tried to maximize what's happening, and bought some Bitcoin because I don't have funds on my hand.
Looks like Bitcoin's really feeling the heat as its now trading at $95K. I dont know, but it kinda seems like whales are pushing the price down so they can scoop up more before Trump announces Bitcoin as the national reserve of the US.
You got a point there, maybe Trumps just experimenting? I mean, there was also that report about him deporting illegal immigrants, which could seriously shake things up with a labor shortage. Honestly, I dont get why they're rolling out one major change at a time. It just feels like it's setting the stage for chaos.
This is basically still an untested theory. In the last 16 years there wasn't any major global financial crisis. There were some shocks, like the first months of Covid-19, and it's clear that Bitcoin reacts negatively towards anything that is negative for the economy, but we still couldn't test Bitcoin's reaction to prolonged (2-3 years) shrinkage of global economy or at least the US economy.
And let's imagine that US dollar crashes and after the initial shock Americans start buying Bitcoin to preserve their wealth, thus tanking US dollar even further. If at that point the government would want to save the US dollar, banning Bitcoin would be a logical thing to do, and that would be another major test for Bitcoin. Because for the last 16 years it enjoyed the benefits of being connected to the fiat system and having billions of dollars in liquidity.
Aye, I've long said that Bitcoin for the next few cycles increasingly affected by the markets in correlation is the rational thing. That's the the price of mainstreaming. Jack and Jill buying Bitcoin only happens when times are good for them. I only need to look at my DCA -- it's the first "expense" to be foregone in financial distress. It's also the first liquidation for me in both times I've required urgent injections.
I actually thought (mistakenly) that post-Covid would be that long-term great depression, and was curious to see how Bitcoin would perform but for some reason there hasn't been a spectacular collapse yet of any major economy.