However, the current tumble comes amid worries of the President’s combative stance and broader concerns about the US economy, according to the Bloomberg report.
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However, the current tumble comes amid worries of the President’s combative stance and broader concerns about the US economy, according to the Bloomberg report.
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“Given the macro environment, it’s not surprising to see we are where we are,” the report quoted Stefan von Haenisch, director of over-the-counter trading in APAC at crypto custody firm Bitgo, as saying. “Traders are still waiting for Trump, widely seen as supportive of crypto, to come up with concrete steps for the sector including a Bitcoin stockpile.”
Apart from crypto, even the S&P 500 fell this week due to tepid US consumer confidence data, which gave rise to questions about the economic outlook.
The decline in equity comes as traders reacted to Trump’s latest comments on tariffs, with him confirming that 25% tariffs on Canada and Mexico would come into force from March 4, while Chinese imports will face a further 10% levy.
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