Bitcoin Stable at $84,246.4 Amid Trump Tariff Concerns

Bitcoin's price remained stable at approximately $84,246.4 by 01:30 ET (05:30 GMT) on Wednesday, showing little buying activity as traders adopted a cautious stance. This stability came amidst growing concerns over potential trade tariffs from U.S. President Donald Trump, which were expected to be announced later in the day. The market's risk-averse sentiment was largely driven by the anticipation of these tariffs, which could significantly impact global trade and economic growth.

Trump's planned tariffs, which include a 25% duty on automobiles and potential tariffs on sectors such as metals, semiconductors, and pharmaceuticals, have raised concerns about retaliation from major economies. Treasury Secretary Scott Bessent indicated that the tariffs would be at the maximum level, with targeted countries having the option to reduce these duties by lowering their own tariffs on U.S. goods. This uncertainty has kept investors on edge, limiting the recovery of speculative assets like Bitcoin, which had seen steep losses in the first quarter of 2025.

Despite the marginal recovery this week, Bitcoin's price remains fragile. The cryptocurrency market's volatility is closely tied to broader economic conditions, and the potential disruption caused by Trump's tariffs has added to the market's instability. Investors are wary of the potential impact on global trade and economic growth, which could further pressure speculative assets. The cautious approach by traders reflects the broader market sentiment, which is characterized by risk aversion and uncertainty.