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Bitcoin continued its downward trend for the fourth consecutive day on Thursday, as concerns over U.S. tariffs and broader risk-off sentiment weighed on the cryptocurrency market.
At 02:12 ET (07:12 GMT):
- Bitcoin fell 2.8% to $86,246.28, remaining near its lowest level since mid-November 2024.
- The token had dipped as low as $82,332.9 in the previous session.
Trade Uncertainty Fuels Market Volatility
President Donald Trump reaffirmed plans to impose 25% tariffs on imports from Canada and Mexico, but indicated a potential one-month delay—shifting the implementation date from March 4 to April 2.
The uncertainty surrounding trade policies has injected volatility into financial markets, including the crypto sector. Historically, such tariff-related announcements have triggered instability, leading investors to exit riskier assets like Bitcoin and altcoins.
Investors Await U.S. PCE Inflation Data for Fed Rate Signals
Markets are now focused on Friday’s release of the U.S. Personal Consumption Expenditures (PCE) inflation data, a key indicator for the Federal Reserve’s future interest rate decisions.
- Recent data, including weak consumer confidence and sluggish business activity in February, has fueled speculation over potential rate cuts.
- However, inflation remains above the Fed’s 2% target, complicating the monetary policy outlook.
Altcoins Mirror Bitcoin’s Decline
The broader crypto market followed Bitcoin’s losses, with most altcoins slipping:
- Ethereum (ETH) dropped 5.2% to $2,355.41, marking its fourth consecutive day of decline.
- XRP lost 2.8% to $2.2243.
- Cardano (ADA) slid 2%, while Dogecoin (DOGE) fell 1%.
- Solana (SOL) gained 0.8%, and Polygon (MATIC) rose 0.4%, showing relative resilience.
- $TRUMP token surged 3.2%, bucking the broader trend.
As investors weigh economic data and global uncertainties, the crypto market remains highly volatile, with macro developments likely to dictate near-term price movements.
