Bitcoin price today: slightly down to $106,000 amid uncertainties over tariffs and US tax reform

Bitcoin slipped slightly on Tuesday, extending overnight declines as risk appetite was dampened by rising uncertainty over US trade tariffs and the impact of a sweeping tax cut and spending bill supported by President Donald Trump.

The world's largest cryptocurrency was also subject to profit-taking after having significantly outperformed the broader crypto market in June. Bitcoin lost 0.8% to $106,670 at 09:11 ET (13:11 GMT).

Bitcoin received little support from major corporate holders Strategy, formerly MicroStrategy (NASDAQ:MSTR), and Metaplanet Inc (TYO:3350), which announced further cryptocurrency acquisitions this week. Strategy purchased over $500 million in coins, while Metaplanet added $108 million in Bitcoin.

Crypto markets have largely lagged behind the strength of other risk-driven markets, particularly stocks, as gains in tech shares have led Wall Street to reach record highs in recent sessions.

Focus on Trump's trade tariffs and the approval of the tax bill

Markets were facing two main points of uncertainty: Trump's plans for trade tariffs, ahead of the July 9 deadline for agreements, and the approval of a controversial tax and spending cut bill in the Senate.

On the trade front, it was expected that the US and Canada would resume talks after Ottawa appeared to concede to Trump by removing a major tax on digital sales for companies.