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Bitcoin surpasses $87,000 - What is driving this rise?
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Bitcoin
The price of Bitcoin has surpassed $87,000, influenced by market reactions to the economic uncertainty stemming from the upcoming tariffs related to Donald Trump's policies on "Liberation Day." Over the past twenty-four hours, the price of Bitcoin has fluctuated between $83,939 and $87,300, currently settling at around $86,600.
Analysts point to the possibility of a breakout on the horizon if key price levels hold until the weekly close. However, some experts warn that tariffs could negatively impact Bitcoin. James Butterfill, Head of Research at CoinShares, notes that unlike gold, Bitcoin responds to economic trends and liquidity cycles.
Tariffs often slow economic growth, reducing demand for risky assets like Bitcoin. They also contribute to inflation, which can lead to rising interest rates - a historical factor that signals a decline in the value of cryptocurrencies. Additionally, Bitcoin's correlation with stock markets may lead to short-term price drops, as traditional markets react to trading disruptions.
Does Bitcoin defy adverse economic winds and rise?