The dip might be a result of investors cashing in their profits before the weekend. At the time, Bitcoin was only 1.5% below its record peak. Investors are also concerned about the potential fallout of an international trade conflict, particularly after President Donald Trump of the United States confirmed the July 9 deadline for an increase in import tariffs.

Some investors believe that the market was spooked by the movement of a long-inactive Bitcoin wallet. Onchain analysts hypothesize that a miner from 2011 was behind Friday’s 80,009 BTC transfer, stirring up fears of a potential sale. Despite these fears, it’s not uncommon for large holders to move dormant coins. In fact, if the holder had plans to sell, shifting such a large number of coins could be counterproductive as it might affect the market price.

Moreover, even with an over-the-counter deal, it seems unlikely that a buyer would take on $4.3 billion in Bitcoin in one go. For context, Strategy accumulated 17,075 BTC over the course of June. Nevertheless, such large transfers often spark market fear, uncertainty, and doubt (FUD), which can exert short-term pressure on prices.

Historical data shows that this kind of isolated movement does not typically correlate with long-term trend reversals. For instance, addresses from 2013 transferred over 3,420 BTC in May 2025, and another wallet moved 2,000 BTC in November 2024 that hadn’t been touched for 14 years.

Chief Investment Strategist Michael Hartnett from Bank of America Global Research suggests the recent dip in Bitcoin’s value is more likely due to growing macroeconomic worries. As reported by Bloomberg, Hartnett’s team noted a rise in “bubble risks” following the US government’s approval of a “$3.4 trillion fiscal package that cuts taxes”. The deteriorating fiscal outlook could dampen the demand for long-term government bonds, thereby affecting broader risk markets, including Bitcoin.

Adding to the economic uncertainty, the Trump administration has reportedly started notifying other countries about “setting unilateral tariff rates” should trade agreements not be finalized by the coming Wednesday. This global economic instability, rather than any specific crypto-related factor, might be the real reason behind Bitcoin’s struggle to maintain the $110,000 mark.

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Bitcoin (BTCUSD) experienced a significant surge on early Friday, surpassing the $104,000 mark. This remarkable rise marks a three-month high and comes as the crypto market gains momentum, fueled by the anticipation of easing global trade tensions.

News of the surge came after the announcement of a trade breakthrough between the US and the UK by President Donald Trump, leading to the cancellation of a series of retaliatory tariffs. This development triggered speculation among traders, causing them to anticipate a forthcoming deal with China.

Bitcoin’s Rise: A Response to Trade Optimism

With the shift in market sentiment, Bitcoin, long considered a high-beta asset, was quick to respond, leaping from $98,000 to a session high of $104,300 on Friday morning. Ethereum (ETHUSD) outperformed even this impressive surge with a 25% gain.

Investors viewed this leap as an indication of a potential shift in Trump’s trade war tactics with other significant economies, possibly removing a significant barrier facing digital assets.

Sentiment-Driven Rally

Bitcoin had already been on a winning streak for four days following the Fed’s decision to keep interest rates steady. This latest development in trade discussions further fueled the surge, helping Bitcoin break through crucial resistance.

While the $110,000 mark is now in sight for traders, they remain vigilant for signs of a US-China détente, which could provide the final push needed for crypto to fully enter breakout mode. As it stands, Bitcoin has increased by 40% since hitting its April low near $74,000.

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There are four primary types of tariffs:

• Ad valorem tariffs: These tariffs are percentage-based on the value of goods. For instance, a 20% tax might be imposed on goods worth $100.
• Specific tariffs: These tariffs are fixed fees based on the quantity of goods. For instance, a $5 tariff might be imposed on each imported kilogram of sugar.
• Compound tariffs: These tariffs are a combination of specific and ad valorem duties applied to the same imported goods. The total tax is determined by calculating both tariffs together. For instance, a country may impose a tariff on imported wine at $5 per liter plus an additional 10% of the wine’s cost.
• Mixed tariffs: These tariffs apply either a specific or ad valorem duty, based on predefined conditions. For instance, for imported trucks, a country may charge either $5,000 per vehicle or 15% of the vehicle’s value, whichever is higher.

The objective of these policies is to influence international trade flows, protect domestic industries, and respond to unfair practices by foreign countries. When a tariff is applied to an imported good, it raises its cost, making domestically produced alternatives more attractive to customers in terms of price.

In the US, the Trump administration used reciprocal tariffs as a significant instrument to influence the trade policies of other nations. Reciprocal tariffs are trade duties that a country imposes in retaliation to tariffs or barriers set by another country. The aim of this policy is to correct trade imbalances and safeguard domestic industries.

Did you know? Some countries use tariff-rate quotas, which allow a specified quantity of a product to be imported at a lower tariff. Once the quota is exceeded, a higher tariff is imposed. This system balances domestic protection with access to global markets, particularly in sectors like agriculture and textiles.

The trade conflict between the US and China wasn’t just a bilateral spat. It signaled a structural rethinking of trade policy in a multipolar world. The trade war began after the US imposed sweeping tariffs under Section 301 of the Trade Act of 1974, citing unfair trade practices, intellectual property theft, and forced technology transfers by China.

Over time, the US levied tariffs on more than $360 billion worth of Chinese goods. China retaliated with tariffs on $110 billion of US exports, targeting critical sectors like agriculture and manufacturing.

The conflict disrupted major supply chains and raised costs for American businesses and consumers. American farmers were hit hard by retaliatory Chinese tariffs on soybeans, leading the US government to provide billions in subsidies to offset losses.

While the Phase One Agreement in 2020 eased tensions and required China to increase purchases of US goods and enforce intellectual property protections, many tariffs remained in place. The Biden administration retained most of the economic measures imposed by the first Trump administration, signaling bipartisan concern over China’s trade practices.

As of April 10, 2025, Trump had imposed 125% tariffs on China, while for 75 countries, he had paused the imposition of tariffs for 90 days.

When a tariff is applied — for example, a 30% tax on imported steel — it raises the price of that good for importers. They, in turn, pass these added costs to downstream businesses, which further transfer these costs to consumers.

Overall, while tariffs aim to protect domestic industries, their impact is felt across the economy through altering prices, trade flows, and business strategies. Tariffs influence everyone — from factory owners to workers and everyday shoppers.

Trump’s tariff announcement on April 2 triggered a sharp sell-off in both equities and Bitcoin (BTC), with BTC plunging 10.5% in a week. According to analysts, institutional investors increasingly treat BTC as a risk-on asset closely tied to policy shifts. While some view Bitcoin as digital gold, recent behavior shows it reacting more like Nasdaq stocks — falling during global uncertainty and rallying on positive sentiment.

Did you know? Tariff exemptions can be highly strategic. Governments may exclude specific industries or companies, allowing them to import goods tariff-free while competitors pay more. This creates an uneven playing field and can spark domestic controversy.

Whether used defensively or offensively, tariffs shape the balance between protectionism and global engagement. This makes tariffs a matter not just of economics, but of national strategy and global influence.

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However, these outflows were somewhat balanced by inflows into six other ETFs. BlackRock’s IBIT, the top spot bitcoin ETF in terms of net assets, saw a net inflow of $30.6 million. Bitwise’s BITB also experienced an inflow of $12.8 million. Additionally, Grayscale’s Bitcoin Mini Trust, VanEck’s HODL, Valkyrie’s BRRR, and Invesco’s BTCO all witnessed positive inflows.

The $169.9 million outflow on Wednesday came after a two-day inflow streak, with the 12 ETFs recording $76.4 million and $1.5 million in inflows on Tuesday and Monday respectively.

Bitcoin’s value rose by 1.41% in the last 24 hours, standing at $84,687 at time of press, after briefly surpassing $85,000 on Wednesday, as per The Block’s price page. Meanwhile, Ether saw a 1.79% increase, trading at $1,600. Investors remain vigilant of the ongoing trade disputes between the U.S. and China, as the White House contemplates imposing tariffs as high as 245% on Chinese exports.

In contrast, spot ether ETFs continued their outflow trend yesterday with $12 million exiting their products, thereby extending their negative flow streak to seven days.

Disclaimer: The Block is an independent news entity that delivers timely and impactful information about the crypto industry. Foresight Ventures, a majority investor of The Block as of November 2023, invests in other crypto companies. Crypto exchange Bitget is an anchor LP for Foresight Ventures. Despite these affiliations, The Block continues to function independently to deliver objective crypto news. You can find our current financial disclosures here. This article is intended solely to provide informational content and is not meant to serve as legal, tax, investment, financial, or other advice.

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In his post on X, Saylor stated, “Bitcoin is not subject to tariffs.” This announcement comes at a time when cryptocurrency market observers are keenly monitoring the market’s reaction to the recent tariff hikes. Despite investor apprehension about the potential impact of Trump’s “Liberation Day” plans on crypto values, significant price plunges have yet to materialize.

According to Trump’s announcement, several Asian countries will be subjected to hefty tariffs on their goods exported to the United States. Vietnam leads the pack with a 46% tariff rate, followed by China at 34%, Taiwan at 32%, and Japan at 24%. These augmented import taxes will be effective from April 5 as per the declaration.

The tariff scheme does not spare even the US’s economic allies. Countries like the UK, Israel, European Union nations, and India will have to pay more to gain entry for their products into the US market. The tariff imposition has led to a threat of retaliation from China and raised concerns about wider economic repercussions.

Despite the economic uncertainty triggered by Trump’s tariff announcements, Bitcoin prices have managed to hold their ground. At the time of writing this article, Bitcoin was trading at $83,105, experiencing a mere 1% dip over the previous 24 hours. Many market pundits believe that while physical goods bear the brunt of tariff impacts, digital assets like Bitcoin may dodge these direct effects.

The ongoing tariff standoff underscores Bitcoin’s peculiar status in the global trade scenario. Unlike commodities like oil, gold, or manufactured goods that need to cross physical borders, Bitcoin transactions are conducted electronically. Consequently, cryptocurrencies might emerge as victors in trade disputes as they cannot be stopped or taxed at border checkpoints.

However, there are increasing concerns among investors that Bitcoin may still suffer indirect effects from the heightened tariffs. If the pricier imports curtail the income of businesses and consumers, they may invest less in cryptocurrency, potentially leading to a reduction in funding for the cryptocurrency market. For now, Bitcoin remains above the $80,000 mark as the market keeps a close eye on the tariff situation.

Trump has termed his tariff proposal as “reciprocal,” implying that it mirrors the charges other countries impose on American goods. As nations respond to these new trade policies, it appears the cryptocurrency markets are less perturbed than other commodity markets.

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Russia, having shown a public interest in cryptocurrencies, passed a law last summer promoting the use of digital currencies for international trade payments. Despite this, the country’s use of cryptocurrencies in oil trade remained undisclosed until now.

According to the sources, Russian oil companies are leveraging Bitcoin, Ether, and Tether (stablecoins) to facilitate the conversion of Chinese yuan and Indian rupees into Russian roubles. They pointed out that although it currently represents a minor portion of Russia’s total oil trade (valued at $192 billion by the International Energy Agency in the previous year), it is a growing component.

Previously, cryptocurrencies have proven beneficial for countries like Iran and Venezuela, under U.S. sanctions, in maintaining their economies functional while steering clear of the dollar – the global oil market’s preferred currency. Following the reinstatement of sanctions by Washington, Venezuela has increased its use of digital currencies in crude and fuel exports. Similarly, Russia is turning to cryptocurrencies for the oil trade.

One source, an investigator at a firm tracking the use of cryptocurrencies for sanctions evasion, said that Russia has developed several systems, with USDT (Tether) being just one of them. This source preferred to remain anonymous due to a non-disclosure agreement.

The Russian Central Bank has yet to comment on these claims. However, last year it acknowledged that sanction-related payment delays had become a significant issue for the Russian economy.

Even if sanctions are lifted, cryptocurrencies will likely continue to play a role in Russian oil trade, one source claimed. The ease and speed of operations they offer make them a handy tool.

As an illustration of how the trade operates, a Chinese buyer pays a trading company (acting as an intermediary) in yuan. This intermediary then converts the payment into cryptocurrency and transfers it to another account. From there, it is sent to a third account in Russia and converted into roubles.

For one Russian oil trader’s sales to China, monthly cryptocurrency transactions are worth tens of millions of dollars, according to a source familiar with the trader’s operations. Cryptocurrencies are just one of the several methods employed to circumvent payment issues, added a Kremlin advisor.

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The declaration of these tariffs by China is a response to the additional tariffs imposed by the U.S. on Chinese goods that came into effect today. In a translated statement, the Chinese ministry stated, “The unilateral imposition of tariffs by the U.S. gravely infringes upon the rules of the World Trade Organization.”

In the meantime, on Tuesday, the Ministry of Commerce in China declared that it will tighten export controls on goods containing tungsten, tellurium, bismuth, molybdenum, and indium, citing the necessity to protect national interests and security.

Currently, Bitcoin is trading at approximately $99,300, having recovered from a dip to around $98,500 earlier today and from $92,800 on Monday amidst a wider sell-off. After U.S. President Donald Trump announced a temporary halt on tariff threats between the U.S. and Mexico, Bitcoin saw a sharp rebound to over $100,000 on Monday.

Presto Research’s research analyst, Min Jung, told The Block, “Even though Bitcoin is often juxtaposed with gold as a digital alternative, it is still predominantly viewed as a risk asset by many investors. Therefore, the 10% retaliatory tariff by China on the U.S. is expected to exert pressure on risk assets, including cryptocurrencies, much like equities.”

“However, the initial market reaction might have been an overreaction, as evidenced by the V-shaped recovery preceding the announcement,” Jung added. “The long-term effects will hinge on whether this signifies the start of a widespread trade escalation or remains an isolated incident. Regardless, we anticipate heightened volatility as tariff-related news continues to influence market sentiment.”

Justin d’Anethan, Liquifi’s head of sales, expressed that while the initial market unease was linked to Trump’s tariffs on Mexico and Canada, “it’s becoming apparent that those were just the preliminary rounds — the real escalation is occurring with China, and potentially Europe next.”

Nick Ruck, director of LVRG Research, pointed out that a full-blown trade war could further extend the sell-off of crypto assets unless the US can negotiate a halt or delay similar to those with Canada and Mexico.

Disclaimer: The Block is an independent news source offering news, research, and data. Foresight Ventures, a major investor in The Block since November 2023, invests in various companies in the crypto sector. Crypto exchange Bitget serves as an anchor LP for Foresight Ventures. The Block remains autonomous, providing objective, impactful, and timely crypto industry information. Please see our current financial disclosures. This article is shared for informational purposes only and should not be construed as legal, tax, investment, financial, or other advice.

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