Recent developments in the trade war have triggered significant volatility in the cryptocurrency market, with Bitcoin and other altcoins experiencing dramatic surges followed by steep declines. This turbulence was partly fueled by a rumor about a 90-day pause in tariffs, which was quickly debunked by the White House.
A tweet from GURGAVIN highlighted the confusion, stating, “WHITE HOUSE SAYS ‘UNAWARE’ OF 90-DAY PAUSE RUMOR ATTRIBUTED TO WHITE HOUSE ADVISOR HASSETT.”
The rumor suggested the White House might delay tariffs, but instead, the administration hardened its stance. President Trump threatened China with an additional 50% tariff unless it dropped its 34% tariff on U.S. goods, potentially raising tariffs on China to 104%.
Bitcoin’s price reacted sharply to these developments, initially plummeting to $75,000 before rebounding to over $81,000. However, the gains were short-lived, and prices fell below $79,000 following the rumor’s rebuttal and Trump’s latest threats.
Wall Street mirrored this volatility, with the S&P 500 dropping over 11% since last Wednesday, reflecting the broader market’s unease.
