Bitcoin Plunges 11.7% Amid Tariff Uncertainty

Bitcoin, the world's largest cryptocurrency, is poised for a significant weekly decline of 11.7%, as investors engage in a deepening selloff driven by uncertainty surrounding looming tariffs. The digital currency began the week trading well above the $90,000 mark but briefly dipped below the $80,000 level.

The selloff in Bitcoin comes as investors seek refuge in safer assets, such as government bonds, amid escalating geopolitical tensions and economic uncertainty. The looming tariffs have created a risk-off environment, leading investors to reduce their exposure to riskier assets, including cryptocurrencies.

Bitcoin's recent price action reflects the broader market sentiment, as other risk assets, such as stocks and commodities, have also experienced a selloff. The cryptocurrency's strong correlation with these assets has made it more susceptible to market fluctuations, particularly during periods of uncertainty.

Despite the recent selloff, some analysts remain optimistic about Bitcoin's long-term prospects. They argue that the cryptocurrency's decentralized nature and potential for use as a store of value make it an attractive investment option, particularly in an environment characterized by low interest rates and quantitative easing.

However, the short-term outlook for Bitcoin remains uncertain, as investors continue to grapple with the impact of looming tariffs and other geopolitical risks. The cryptocurrency's price will likely remain volatile in the near term, as investors weigh the potential risks and rewards of holding Bitcoin.