The digital asset continued its upward trajectory on Friday, despite worries of how a drop in Chinese imports will impact the economy.
Bitcoin Nears $95K Despite Trump Tariff Turbulence
Some economists suggest President Donald Trump’s frequent last-minute trade policy reversals may have a more dire impact on the economy than his initial tariff announcements, leaving markets and bitcoin in a no-man’s land, awash with uncertainty.
Chinese shipments to the Port of Los Angeles, America’s largest port, have seen an estimated 35% drop after Trump slapped the world’s second largest economy with a 145% tax on imported goods, causing markets to take a wait-and-see approach as they assess the impact of such rash policy decisions in real time.
But for now, markets are up, and bitcoin is trading at its highest level in 60 days, although future price action remains increasingly unpredictable, with Trump playing the role of X factor.
Overview of Market Metrics
Bitcoin climbed all the way to $95,768.39 within the past 24 hours, settling at $95,318.24 at the time of reporting, according to data from Coin Market Cap. The price is up by 1.92% on the day and has risen a rather impressive 12.90% over the past week, reflecting the broader positive momentum currently playing out in both traditional and crypto markets, despite the tariff jitters.
Trading activity has also ramped up, with 24-hour volume reaching $40.48 billion, an increase of 26.34%, suggesting renewed interest from both institutional and retail investors. Bitcoin’s market capitalization now stands at $1.89 trillion, a 1.91% gain from the day before. Meanwhile, BTC’s market dominance has edged higher to 64.50%, up 0.14%, reinforcing its role as the anchor of the crypto market.
In the derivatives space, total BTC futures open interest rose to $68.39 billion, up 5.45% over the past 24 hours, signaling growing leverage and confidence in continued upward price action. Total bitcoin liquidations over the past day were relatively low at $2.10 million, according to Coinglass, with shorts absorbing the bulk of those losses at $1.32 million. Much like the day before, bearish traders were likely caught off guard by bitcoin’s strength.
