Odaily News QCP Capital posted on its official channel that the tariffs imposed on Canada, Mexico and China after Trump announced his crypto reserves, as well as the retaliatory measures quickly taken by Canada and China, all added fuel to the already uncertain crypto market. Bitcoin rose to $94,000 before plummeting to $83,000, and is currently stabilizing around $88,000 in volatile trading.
Meanwhile, the U.S. Commerce Secretary hinted at a partial reduction in tariffs, which could be announced after Trump’s State of the Union address. As the macro environment continues to change, cryptocurrencies remain closely correlated with stocks, with their price movements reflecting broader economic changes.
This Friday marks a historic milestone - the first White House Crypto Summit. But without any concrete executive orders, funding commitments or congressional support, the market remains on the sidelines. Investors see this as a high-risk asymmetric event that could drive prices or trigger a massive sell-off.
The market is now highly focused on the release of key economic data: the non-farm payrolls report this Friday and the CPI data next Wednesday. This will play a key role in shaping the direction of the market and providing much-needed clarity on the macro outlook.