Trump's Tariffs Spark Crypto Dip; Arweave Launches AO Mainnet

Cryptocurrency markets experienced a temporary dip following U.S. President Donald Trump's announcement of tariffs on aluminum and steel, which appears to be part of an escalating U.S.-led trade war. The markets reacted to the news, with bitcoin (BTC) briefly falling below the $95,000 mark before recovering to its current price of $97,700. Ether (ETH) also saw a dip to little over $2,500 and is now trading at $2,600.

Trump's announcement of 25% tariffs on steel and aluminum imports, along with plans to pursue reciprocal tariffs on countries imposing import fees on American goods, has raised concerns about potential global economic repercussions. The cryptocurrency market's temporary dip can be attributed to these geopolitical tensions and the uncertainty they create.

Meanwhile, Arweave, a cryptocurrency project known for its permanent data storage solutions, has launched the mainnet version of its computing platform, AO. The platform, characterized as a "hyper parallel computer," introduces a distributed computing environment with parallelized processing. This development is expected to bolster Arweave's ecosystem by driving demand for its storage services and supporting a new wave of decentralized applications, including on-chain autonomous agents.

In other news, major financial institutions have been increasing their gold price forecasts due to escalating trade disputes and aggressive accumulation from central banks. A surge in the price of gold would benefit tokens backed by the precious metal, such as PAXG and XAUT, which have been outperforming the broader cryptocurrency market amidst the prevailing uncertainty.