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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.
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.
Omkar Godbole
Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team based in Mumbai, holds a masters degree in Finance and a Chartered Market Technician (CMT) member. Omkar previously worked at FXStreet, writing research on currency markets and as fundamental analyst at currency and commodities desk at Mumbai-based brokerage houses. Omkar holds small amounts of bitcoin, ether, BitTorrent, tron and dot.
