RATE Group | Bitcoin Gains as Trump Threatens $300B Tariffs on Chinese Goods |
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Bitcoin Gains as Trump Threatens $300B Tariffs on Chinese Goods |

02 Aug Bitcoin Gains as Trump Threatens $300B Tariffs on Chinese Goods |

Posted at 14:04h in Bitcoin News by

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The bitcoin price soared higher on Friday after US President Donald Trump announced another $300 billion tariffs on Chinese goods.

The world’s largest cryptocurrency touched the $10,527-high ahead of the European market open, posting up to 2.47 percent intraday gains. The upside action brought its weekly profit closer to 11 percent, accompanied by a decent rise in volume on spot exchanges. The move further influenced the rest of the cryptocurrency market to follow suit, with the combined altcoin market capitalization surging from $91.149 billion on July 29 to as high as $97.697 billion today.

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Bitcoin Up by 11% This Week | Image Credits: TradingView.com, Coinbase

Meanwhile, global markets felt the pressure of Trump’s announcement. The Asian equity markets posted more than 1.4 percent losses, while their European counterparts opened 1 percent lower on Friday morning. US Futures, at the time of this writing, were also erasing their Fed rate cut gains, indicating a weaker session for…

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