Bitcoin
$85,033 recently surged past $86,000 but has since shifted downwards. As this article was being prepared, the price dipped below $85,000, reflecting significant volatility. The decline is attributed to a last-minute announcement from the European Union. A further drop in cryptocurrency prices could be on the horizon.
Why Are Cryptocurrencies Plummeting?
According to breaking news, European Union officials report that negotiations are not progressing at the desired pace. The failure to achieve the expected gains has dampened EU officials’ hopes regarding the elimination of US tariffs. Despite previous statements from White House officials claiming negotiations were advancing well, the latest updates have been discouraging.
Even before tariffs were announced, EU officials had been striving for a resolution, exacerbating fears with statements indicating the US was not inclined to reach a compromise. Bitcoin briefly fell below $85,000, while the S&P 500 index is hovering near a base of 5,400. If the US does not adopt a more conciliatory approach, we could see increased negativity in risk markets due to persistent tariff concerns.
Davis Sacks commented on the situation regarding NVIDIA as this article was being prepared:
“Under President Trump’s leadership, Nvidia and TSMC are making substantial investments to boost chip production in the United States. This is not only economically beneficial but also a strategic necessity.”