Tariff Tensions Tumble Markets Sending Bitcoin Below $80K
On Thursday, global markets convulsed after President Donald Trump unveiled fresh tariffs on EU alcohol imports, igniting a cascade of unease.
The S&P 500 slid 1.5%, and the Nasdaq Composite retreated 2.2%, mirroring elevated investor trepidation about looming economic fallout. Bitcoin, too, buckled under the pressure. The digital asset plunged beneath $80,000, a stark descent from its Jan. peak of $109,071.
It briefly scraped $79,910, a low tethered to Trump‘s inflamed trade disputes and pervasive economic ambiguity. Meanwhile, gold gleamed as a refuge, vaulting to an unprecedented $2,985 per troy ounce. This rise signals a pivot toward time-tested shelters as volatility rattles confidence.
The yellow metal has swelled 13.65% year-to-date, buoyed by geopolitical friction and doubts about worldwide economic vigor. These movements crystallize a paradigmatic realignment in capital flows, privileging perceived stability as geopolitical and fiscal storms gather.
Trump’s tariff gambit now casts a pall over markets, with bitcoin’s stumble past $80,000 laying bare its sensitivity to policy tremors. Gold’s rally contrasts sharply, reviving debates over crypto’s mettle in crises. Bitcoin devotees, of course, dismiss the slump as a fleeting scratch—akin to Monty Python’s indomitable Holy Grail “flesh wound.” At press time at 2:30 p.m. ET on Thursday, BTC is exchanging hands for $80,769 per unit.
