Early Friday saw most cryptocurrencies trade sideways, including Bitcoin and XRP, as markets were tense due to President Donald Trump’s new tariff threats, which caused gold prices to reach a record high.
According to CoinDesk data, the price of Bitcoin, the biggest cryptocurrency in the world (BTCUSD -2.39%), has been relatively stable over the last day at $104,974.
Earlier this week, it fell below $100,000 as investors became alarmed about a competitive and inexpensive artificial intelligence model coming from China. Investors were concerned that expenditure on the technology might decrease after learning about DeepSeek’s AI, which caused a tech selloff Monday. Cryptocurrencies followed the market as a whole, with the Nasdaq 100 dropping 3%.
Early Friday, the well-known and rapidly expanding altcoin XRP XRPUSD -3.10% was up 0.7% at $3.1.
When Trump announced on Thursday that he will begin enforcing 25% tariffs on imports from Canada and Mexico on February 1st, investors flocked to safe-haven assets like gold. After hitting a record of $2,860 per troy ounce earlier in the day, futures linked to the precious metal were trading at $2,845 per troy ounce early Friday.
The lack of a significant decline in the price of Bitcoin, which is typically regarded as a riskier asset, may indicate that cryptocurrency is gaining traction in the minds of
The euphoria surrounding the potential impact of Trump’s second term on the “digital gold” has helped to raise cryptocurrency prices. Since November 5, XRP has outperformed all other major cryptocurrencies, increasing by over 500%.
Trump has yet to deliver on his promises to establish a strategic Bitcoin reserve and make the United States the global center of cryptocurrency.
Bitbank cryptocurrency analyst Yuya Hasegawa tweeted on Friday, “The cryptocurrency market is turning its attention to US inflation data today and jobs report next week now that Trump’s inauguration festivities are over.” “The price of bitcoin may drop back to $100,000 next week, depending on those figures,” he continued.
December saw a 0.3% increase in the personal consumption expenditures (PCE) price index, up 2.6% from the previous year. That was mostly what was expected, and the price of cryptocurrencies didn’t change right away.
According to CoinDesk data, among other digital coins, Ether (ETHUSD -2.01%) was up 3% on Friday, Solana (SOLUSD -1.48%) was up 0.4%, and Dogecoin (DOGEUSD -4.84%), a meme coin, increased 1% over the previous day.
