Bitcoin Curbs Its Gains Amid Ongoing Concerns Over Interest Rates and Tariffs

Bitcoin retreated from its highs on Thursday after Trump announced he would begin sending messages to major economies clarifying his tariffs by Friday at the latest.

Trump stated that around 10-12 countries would receive the messages on Friday, with tariffs ranging from 10% to 20% and 60% to 70%. The president said the tariffs would take effect starting August 1.

Trump's comments heightened concerns about the economic impact of his planned tariffs, which could significantly disrupt global trade.

Uncertainty surrounding Trump's tariffs was also cited as a major driver for the Federal Reserve to keep interest rates steady, with Chairman Jerome Powell warning of the potential inflationary effects of the tariffs.

Stronger-than-expected non-farm payroll data released on Thursday sharply reduced bets that the Federal Reserve would cut interest rates as soon as July, and markets also trimmed expectations for easing in September.

Higher interest rates for a longer period tend to pressure cryptocurrency assets, as they limit the liquidity available for investment in this sector.

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