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Bitcoin extended its decline on Wednesday, failing to hold gains above the critical $100,000 mark as escalating U.S.-China trade tensions weighed on investor sentiment. As of 1:45 ET (06:55 GMT), Bitcoin was down 1.8%, trading at $97,601.8.
The cryptocurrency briefly surpassed $100,000 in the past two days but struggled to maintain momentum due to increasing trade friction. The U.S. recently imposed a 10% tariff on Chinese imports, citing national security concerns, prompting China to retaliate with tariffs on U.S. goods, including crude oil and farm equipment. Additionally, Beijing launched an antitrust investigation into Google, heightening market uncertainty.
These developments have fueled a broader risk-off sentiment, with investors shifting to safe-haven assets like gold, which hit a record high. Bitcoin’s pullback reflects the caution gripping financial markets.
Meanwhile, reports suggest the Trump administration is easing crypto regulations, with the SEC downsizing its crypto enforcement unit. While regulatory relief could be a bullish factor for Bitcoin, macroeconomic concerns overshadowed the potential positive impact. The implications of the SEC's shift on ongoing enforcement actions remain uncertain.
Altcoins mirrored Bitcoin’s price action, trading in narrow ranges. Ethereum edged up 0.5% to $2,741.53, while XRP dipped 1.1% to $2.4957. Solana slipped 0.7%, Cardano inched 0.3% lower, and Polygon was flat. Among meme tokens, Dogecoin remained largely steady.
With increasing market volatility driven by geopolitical uncertainty, Bitcoin’s struggle to sustain gains underscores the prevailing cautious sentiment in the crypto market.
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