The world's leading cryptocurrency maintained caution, on a day marked by an increase in sales by major holders of Bitcoin. These sellers, dubbed whales, can exert a disproportionate influence on short-term price action when they transfer holdings to exchanges.
Likewise, confidence remains low, in this case due to the cancellation of Donald Trump's tariff program by the Supreme Court of the United States. In this sense, the announcement by the president of a new global tariff of 10% on imports for 150 days and the increase of the rate to 15%, the maximum allowed under the relevant statute, caused uncertainty in the financial market.
Although they are not directly affected by trade frictions, cryptocurrencies are very sensitive to changes in market confidence due to their completely speculative nature. In that sense, risk aversion was observed in the financial markets.
On the other hand, the persistent purchases by the main holder Strategy also did not help regain confidence. The company revealed the purchase of 592 additional Bitcoins on Monday. The company is recording deep losses in the value of its Bitcoin holdings, with the cryptocurrency also trading below Strategy's average Bitcoin cost of u$s76,020.
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-Dan Pentagram