Bitcoin Price Jumps Above$ 102K as Trump Team Weighs Narrower Tariffs: Report

The price of Bitcoin reclaimed$ 100, 000 Monday and continued climbing as the U. S. dollars weakened, following a statement that President-elect Donald Trump’s team is considering a pared-back tax strategy.

Trump’s campaign trail campaign campaign called for “universal” tariffs, according to The , but his team is also considering whether to impose taxes on imports from all nations, which might include merely crucial imports.

The program is still a whim as Trump prepares to retake the White House in two months, according to The , which cited three individuals with knowledge of the situation. A qualified tariff plan may focus on imports from sectors deemed essential to U. S. regional and economic security, such as health supplies or energy production, the paper reported.

In a Truth Social article, Trump pushed up on the ‘s monitoring, arguing that it “incorrectly states that my tax policy may be pared back”. In September, Trump proposed a tax of up to 20 % on U. S. goods, behind a whopping 60 % tariff on goods and services from China, per .

As an advantage correlated with the U. S. Dollar’s power, higher taxes may ponder on Bitcoin’s cost short-term, Grayscale Managing Director of Research Zach Pandl told .

” Higher taxes, all other equal, will imply dollar strength”, he said. ” The effect is implicit, but tariffs may have an effect on Bitcoin’s assessment because it is correlated to the dollar”.

The U. S. Dollar Index ( DXY ), which measures shifts in the dollar’s value relative to a basket of other currencies, fell 0.6 % Monday to 108.29, according to TradingView. Next week, the score reached 109.43—its highest levels since October 2022.

Bitcoin’s price surged above$ 102, 000 early Monday, punching above the$ 100, 000 mark for the first time in more than two weeks. Last month, the leading cryptocurrency climbed as high as$ 108, 000, setting a new all-time price record for the asset, only to fall as a hawkish outlook on rate cuts dented Bitcoin’s price.

The U.S. central bank’s forecast for two 25-basis-point price cuts was down from four as the Federal Reserve indicated that it would cut interest rates this year at a fairly careful pace.

Lower interest rates usually favor risk assets because they lower the cost of borrowing, lower consumer spending, and create historically less risky investments like bonds or money less appealing.

While higher taxes may have a negative impact on Bitcoin’s value in the near future, Pandl cited fundamental changes in international trade and financial standards that have influenced the world economy for the past few decades.

He continued,” In the long run, they are part of the larger changes that are fragmenting the dollar-based, global economic system,” adding that they have been “driving buyers to alternative stores of value like real silver and Bitcoin.”