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Bitcoin Tumbles to $80K, XRP Loses Key Support as Trump Tariffs Regain Centrality, Dollar Index Rises
BTC extended the price slide during Friday's Asian trading hours as U.S. tariffs boosted demand for the dollar.
Updated Feb 28, 2025, 12:30 p.m. Published Feb 28, 2025, 4:04 a.m.
What to know:
Bitcoin (BTC) slipped below the 200-day simple moving average (SMA) Friday, taking the weekly loss to 16%. Prices briefly dipped below the $80,000 mark for the first time since Nov. 10 as renewed concerns about U.S. tariffs boosted demand for the U.S. dollar.
Alternative cryptocurrencies posted bigger losses, with payments-focused XRP losing the key 23.6% Fibonacci retracement level to suggest deeper losses ahead. Solana's SOL slipped to $125.6, the lowest since September, while DOGE fell below 20 cents, retracing nearly 78.6% of the October-December rally.
President Donald Trump said Thursday that he plans to impose tariffs on Canada and Mexico, starting March 4, alongside doubling the 10% universal tariff charged on imports from China.
"We expect US tariffs to regain centrality and drive the dollar sustainably higher," ING said in a note to clients Thursday. The dollar index, which tracks the greenback's value against major currencies, rose to 107.30, extending the bounce from Wednesday's lows near 106.15.
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Coinbase Sees Crypto Recovery Ahead as Liquidity Improves and Fed Rate Cut Odds Climb
The crypto exchange also took note of a so-called AI bubble that continues to go strong and a weaker U.S. dollar.
What to know:
- Coinbase Institutional is seeing a potential December recovery in crypto, citing improving liquidity and a shift in macroeconomic conditions that could favor risk assets like bitcoin.
- The firm's optimism is driven by rising odds of Federal Reserve rate cuts, with markets pricing in a 93% chance easing next week, and improving liquidity conditions.
- Several recent institutional developments, including Vanguard's crypto ETF policy reversal and Bank of America's greenlighting of crypto allocations, have contributed to bitcoin's rebound from recent lows.
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