Bitcoin curbs its gains as interest rate fears persist$BTC $BTC

and tariffs

Bitcoin retreated from its highs on Thursday after Trump said he would start sending messages to major economies clarifying his tariffs by no later than Friday.

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 indicated that the tariffs would take effect starting August 1.

Trump's statements heightened concerns about the economic impact of his proposed tariffs, which would significantly disrupt global trade.

Uncertainty regarding Trump's tariffs was also cited as a key 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 lower interest rates as early as July, and markets also cut back on easing expectations 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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