Bitcoin Shows ‘ Amazing Tenacity’ as Nasdaq Nears Bear Market on China Anxiety

The price of Bitcoin whipsawed on Friday as China countered U. S. President Donald Trump’s levies with broad charges of its own and investors mulled new labour market information.

The leading bitcoin was recently changing hands below$ 83, 000, a 1 % increase over the past day, according to crypto data provider CoinGecko. Bitcoin rose as high as$ 84, 600 on Friday morning Eastern Time before dipping to$ 81, 700 an hour and a half later.

Major altcoins were largely in positive territory with XRP and Solana rising more than 6 % and nearly 4 %, respectively.

China plans on imposing a 34 % import duty on all U. S. materials next Thursday, a day after Trump’s latest taxes take effect, Beijing’s Finance Ministry said. The government derided the government’s market-shaking industry talk as” a common unilateral bullying practice”.

What’s more, China’s Commerce Ministry said it will cut off 11 U. S. companies from business, classifying them as “unreliable companies”, while adding 16 firms to its import power list.

China is the U. S.’s next largest trading partner, and Trump on Wednesday took aim at the country, slapping a 34 % tax on top of an existing 20 % tax for Chinese products. Trump even closed a “de minimis” hole exempting items valued under$ 800 from added responsibilities.

Following Trump’s” Liberation Day”, the S&amp, P 500 had its worst day since June 2020, as companies dropped nationally on Thursday. Equities continued swooning on Friday, with the tech-heavy Nasdaq set to close in a bear market—or fall 20 % from its record high.

” The S&amp, P 500 is down around 5 % this year as owners prepare for trade-driven income headwinds”, David Hernandez, a blockchain purchase expert at crypto asset manager 21Shares, told . ” Bitcoin, however, has shown remarkable tenacity”.

But ING’s Chief International Economist, James Knightley, told that the increase in Trump’s business war generally overshadows hit job growth in March.

” It’s ancient history, given the situation we are in now”, he said. ” We’re in a new atmosphere where post-tariff presentations, the economic culture is looking much more challenging”.

The U. S. Labor Department said on Friday that nonfarm payrolls increased 228, 000 in March, blowing past economists ‘ forecast of 135, 000 jobs, according to Trading Economics, although the unemployment rate ticked up to 4.2 % from 4.1 % in February.

Knightley said that plummeting ownership costs, issues about the effects of tariffs on household spending power, and fears about Elon Musk’s cost-cutting program hampering progress outweigh an upsurge in the employment rate. &nbsp,

Companies based in the U. S. announced 275, 240 work reductions in March, spiking 205 % higher from a year ago, according to a Thursday statement from Challenger, Gray &amp, Christmas. The outplacement agency said the reduces were driven by Musk’s Department of Government Performance, or DOGE.

” The financial outlook appears much, much greyer, and we have to prepare for some much, much weaker work figures in subsequent weeks”, Knightley said.

In a speech at a business journalists ‘ conference in Arlington, Virginia Friday, U. S. central bank Chair Jerome Powell noted potential tariff-related challenges ahead that could complicate the Federal Reserves decisions on interest rate cuts that Trump has been demanding.

” Higher tariffs will be working their way through our economy and are likely to raise inflation in the coming quarters”, Powell said, adding that the Federal Reserve was” well positioned to wait for greater clarity before considering any adjustments to our policy stance”.

” It is too soon to say what will be the appropriate path for monetary policy”, he said.

UPDATE ( April 4, 2025, 12: 52 p. m. ET ): Adds Powell comments. &nbsp,