Bitcoin Holds at $84K as Markets Brace for Trump’s New Tariff Shock

Bitcoin held steady on Wednesday, gaining 1.5% to $84,246.40 by 01:30 ET, as traders remained cautious ahead of a major tariff announcement from U.S. President Donald Trump. Despite a slight recovery from steep first-quarter losses, the world’s largest cryptocurrency continues to face pressure from mounting economic uncertainty.

Market sentiment was subdued as investors braced for Trump’s potential rollout of sweeping trade tariffs. The President is expected to announce retaliatory tariffs on major U.S. trading partners, with the possibility of broader duties on all imports. Treasury Secretary Scott Bessent confirmed Trump would implement maximum-level tariffs, which could be reduced if targeted nations lower their tariffs on U.S. goods. A 25% tariff on automobiles is also scheduled, with additional sectors like metals, semiconductors, and pharmaceuticals potentially in the crosshairs.

These developments have dampened appetite for riskier assets like cryptocurrencies, limiting Bitcoin’s upward momentum. Broader crypto markets mirrored this caution. Ether rose 0.8% to $1,857.20, while XRP slipped 1.2% to $2.0777. Solana dropped 1.9%, Cardano fell 0.5%, and Polygon declined nearly 5%. Meme coin Dogecoin dipped 0.3%, while the $TRUMP token remained flat.

Meanwhile, stablecoin issuer Circle filed for a long-awaited IPO on the New York Stock Exchange, targeting a $5 billion valuation. JPMorgan and Citigroup will lead the offering. This marks Circle’s second IPO attempt after a failed SPAC merger in 2022 due to market and regulatory headwinds. If successful, Circle would become one of the largest public crypto companies in the U.S., following Coinbase and MicroStrategy.

Circle’s IPO comes during turbulent times for equities, with Wall Street rattled by geopolitical risks and Trump’s aggressive trade stance—adding another layer of volatility for crypto investors.