Bitcoin Price Updates: Things Look Slightly Better As The Price Inches Towards The $100k Mark.

BTC or Bitcoin is going through a rough patch. This month saw some major upheavals and dips in the BTC prices. This was due to several reasons, but Trump’s revised pricing played a major part in the whole thing. It put traders on the edge as business analysts and market experts believed that market inflation was ahead. As a result, BTC saw major drops and upheavals throughout the last week until now (Feb 11th).  

BTC, the world’s largest crypto asset, climbed around 2.1%. As per the latest data, the token is currently hovering at $97,311.0 as of 21:58 GMT. This is still better than the price last Monday. However, it is a considerable drop from its all-time high of $108,786, recorded in January of this year. This is not abnormal as most coins have taken some brunt of the ‘one-sided’ decision by the POTUS. 

Last week, BTC lost around  4% of its total value. This resulted from escalating trade tension between the US and its major trade partners like Canada, Mexico, and China. The tension fueled the fire, and the crypto community saw 10 billion US dollars of liquidation. Things escalated so high that the Fear and Greed index of crypto was at 47, categorised as a neutral level of fear.  

Slight Glimmer Of Hope 

BTC pullback has been significant this month due to major macroeconomic activities like newer tariffs on aluminium and steel products and a palpable fear of a trade war. After Trump announced newer tariffs, there has been some outcry. For example, China imposed an equal tariff on agricultural machinery, crude oil, liquified natural gas and coal. As a result, the market is at its most volatile state. 

The panic and fear gripped the community, and BTC was affected. BTC is often seen as a hedge against market volatility, but recent developments proved otherwise. Still, BTC has recovered significantly, as the price was nearing $90,000. As a result, the current pricing is still optimal and not too low. Only time will tell what happens next. However, some experts believe the pricing might reach $100K in the coming weeks if the tariffs are pulled back and the Fear/Greed score improves. Follow for more crypto news.