Bitcoin Sinks and Stocks Rise After US, China Scale Back Tariffs
Bitcoin and major altcoins initially surged on Monday but later dipped after the U.S. and China announced a reduction in tariffs from 125% to 10% for 90 days. Bitcoin traded around $102,600, down 1.5%, after briefly exceeding $105,500. The tariff truce has generated optimism in global markets, enhancing the appeal of decentralized assets like Bitcoin amid geopolitical uncertainty. However, concerns remain about the temporary nature of the truce and unresolved trade issues that could lead to future volatility. Ethereum rose to under $2,490, up 1%, with a 51% increase over the past month. Solana and Cardano gained about 2% and 4%, respectively, while Dogecoin rose 1.4%, marking a 37% weekly gain. Equities also spiked, with the Nasdaq up 3.4% and the S&P 500 up over 2.4%. Bitcoin has increased approximately 21% in the past month, showing characteristics of a safe-haven asset.
