Cryptocurrency bulls rubbed their hands with joy after Bitcoin embarked on a meteoric rise to reach unprecedented highs. Bitcoin marked a new all-time high, reaching $118,856 after weeks of sideways fluctuations.
The surge comes amid new trade wars fueled by Trump's tariffs. During the week, U.S. President Donald Trump sent trade letters to several countries, imposing tariffs of up to 30%, while the Federal Reserve highlighted inflationary risks arising from the tariffs.
The price of Bitcoin fell from its all-time high after Trump imposed a 30% tariff on the European Union (EU) and Mexico. Despite the uncertain macroeconomic climate, experts predict an even greater surge for the asset.