Bitcoin News Today: Trump Tariffs Spark Global Economic Uncertainty, Cryptocurrency Resilience

President Trump's tariff policies have sent ripples through the global economy, with various regions and industries feeling the impact. The tariffs, which include a 30% levy on Chinese goods and a minimum 10% tariff on global goods, have raised concerns among economists about the potential consequences for international trade and economic stability. The uncertainty caused by these tariffs has led to executive actions in response, such as the move by Jared Polis to address the concerns of key industries in Colorado.

Trump's policies, including tax cuts and pressure on the Federal Reserve, have exacerbated inflationary fears and diminished global confidence in the US economy. The administration has also indicated that secondary tariffs or sanctions could be imposed on Russia, further increasing pressure on Moscow by targeting third-party entities that do business with the country.

The tariff measures have been extended to various sectors, with pharmaceutical imports and semiconductors facing potential duties starting in August. Trump has also announced a trade deal with Indonesia, imposing a 19% tariff on goods from the country. Additionally, new baseline tariff levels ranging from 20% to 40% have been set for over 20 trade partners, with a 50% levy specifically targeting goods from Brazil. These tariffs have raised the stakes for other BRICS coalition members, such as India, which is working towards a framework deal to potentially lower US tariffs on its goods.

The EU has been preparing counter-tariffs that could affect $84 billion of American products if talks fail. Meanwhile, Vietnam has reached a deal with the US that includes a 20% tariff on its imports, with a higher 40% tariff on transshipped goods. The administration has also threatened secondary tariffs on Russia, aiming to pressure the country into negotiating an end to the war in Ukraine.

Cryptocurrency, however, has shown resilience in the face of these economic disruptions. As traditional markets grapple with the uncertainties brought about by Trump's tariff tactics, digital currencies have adapted and continued to operate, providing an alternative investment avenue for those seeking stability amidst global economic turbulence. The decentralized nature of cryptocurrencies allows them to function independently of national policies, making them an attractive option for investors looking to diversify their portfolios.

By creating a narrative around manageable debt through tariffs, Trump seeks to distract the world. Since the tariffs began in April, we have seen a global minimum customs tax of 10%, with some countries experiencing rates of 20% or higher. Despite this, the Producer Price Index (PPI) data came in below expectations today, with BTC returning above 119,000 dollars. However, in the long run, tariffs will likely drive inflation higher, delaying any Federal Reserve rate cuts due to the effective customs tax rate nearing 20%.

This marks a first since April. What’s happening for the first time? Daily trading volume on the Coinbase exchange reached levels last seen when the BTC price bottomed out at 74,000 dollars. Yesterday, for the first time, US investors showed intense interest in Bitcoin, with price resilience indicating a potential increase in US central demand, as there was no massive selling with increased volume.

Analyst Jelle believes the upward trend will continue as long as the 118,000-dollar support level holds. He identifies 120,000 dollars as resistance and expects momentum to build if one of these key areas is breached.

Analyst Nagato noted the TOTAL2 chart, which reflects the total value of cryptocurrencies excluding BTC, moving towards 1.6 trillion dollars. A close above this region could signify the start of a major move for altcoins.