Bitcoin Steadies but Coinbase Analyst Sees Crypto Winter Brewing on Tariffs
Bitcoin's price initially dropped after the White House announced potential tariffs on Chinese imports, reaching up to 245%. The Trump Administration's tariffs include 125% reciprocal levies, a 20% tariff related to the fentanyl crisis, and Section 301 tariffs ranging from 7.5% to 100%. Bitcoin later stabilized around $85,000, while altcoins like Ethereum, XRP, and Solana experienced minor declines. Concerns over deteriorating U.S.-China relations persist, although President Trump expressed optimism about a potential deal with Japan. Analysts from Coinbase warned of a "crypto winter," indicating a challenging recovery ahead for cryptocurrencies, despite an improving regulatory environment. Bitcoin recently fell below its 200-day moving average, suggesting downward momentum, while trading above $80,000 on Wednesday after previously dipping to $74,800.
