Bitcoin stabilized on Friday after sharply reversing recent gains, as traders prepare for the introduction of tariffs by U.S. President Donald Trump in the coming days, while also diminished expectations of rate cuts weighed.
Cryptocurrency prices in general fell, even as U.S. lawmakers outlined an upcoming "Crypto Week" that will see them consider a series of regulatory measures on cryptocurrencies.
The world's largest cryptocurrency fell by 0.9% to $108,933.4 at 05:22 ET (09:22 GMT) after rising to $110,500 during overnight trading. Bitcoin's initial gains were driven by optimism for further trade progress between the United States and China, which also helped the cryptocurrency break out of the trading range between $103,000 and $108,000 seen in the past month.
