Bitcoin Drops Below $100K Amid China Tariffs and Google Probe

Bitcoin Slips to $98K as China Strikes Back with Tariffs and Google Probe

Bitcoin (BTC) has dipped below the $100,000 mark, retreating from its recent high of $102,500, as markets grapple with the fallout from escalating trade tensions between the United States and China. The world's largest cryptocurrency had earlier plummeted to an intraday low of $91,274 on Monday, following the implementation of Trump's tariffs against Canada and Mexico. However, markets quickly recovered after Trump agreed to pause tariffs and signed an executive order for the creation of a sovereign wealth fund.

President Donald Trump's executive order for a sovereign wealth fund has sparked speculation within the crypto community about the potential inclusion of Bitcoin. The fund, which will be the first of its kind in the US, aims to serve as a tool for economic development. Treasury Secretary Scott Bessent has stated that the fund will be established within 12 months. While the prospect of a sovereign wealth fund has generated optimism, the inclusion of Bitcoin remains uncertain.

Arthur Hayes, Chief Investment Officer at Maelstrom, has predicted that Bitcoin remains on track to reach $250,000, with the cryptocurrency serving as a stepping stone towards bigger gains. Hayes attributes this potential surge to global economic pressures that are forcing governments to print large amounts of money, devaluing fiat currencies and setting the stage for a Bitcoin rally. However, the current downturn in Bitcoin's price is due to macroeconomic factors and an increasingly competitive AI race.

Bitcoin's price has faced considerable volatility over the past week, plummeting to an intraday low of $97,766 last Monday before recovering and settling at $102,064. The price continued to fall on Tuesday, dropping 0.69% to $101,362 after a failed relief rally. Bitcoin recovered on Wednesday, rising 2.27% and moving to $103,663. Buyers retained control on Thursday as Bitcoin rose to an intraday high of $106,296 before losing momentum and settling at $104,553. However, sentiment changed on Friday as the price fell nearly 2% to $102,616