Bitcoin was little changed on Wednesday amid a weak risk appetite with uncertainty on US tariffs and their economic impact.
The world’s most valuable cryptocurrency didn’t gain any support after Trump’s Truth Social platform listed a bitcoin ETF in US markets.
Trump is scheduled to talk to Chinese President Xi Jinping this week on the phone after both countries traded accusations of violating the trade agreement reached in Geneva.
But optimism about this phone talk dissipated as the US announced double the tariffs on steel and aluminum imports, rattling the markets even further.
Bitcoin last traded at $105,518 as of 05:17 GMT.
ETF from Truth Social
The New York Exchange presented a request to list the instant bitcoin Exchange trade fund, owned by Trump’s Truth Social platform.
The new fund will follow bitcoin’s price directly and will join a series of similar products provided to investors as an easy method to reach and trade bitcoin.
Bitcoin’s ETF surged since their first launch in 2024, with nearly $44.4 billion pouring into them so far according to SoSoValue data.
The Trump Media Organization recently announced a campaign to collect $3 billion to purchase more cryptocurrencies as a strategic reserve.
Crypto Performance Today
Cryptocurrencies were on the calmer side today, with ethereum up 0.5% to $2626, while ripple rose 1.9% to $2.2445.
Cardano fell 0.3%, while solana shed 2%, as polygon added 0.2%.
As for meme currencies, dogecoin fell 0.3%, while $Trump fell 1.1%.
Bitcoin Faces Strong Resistance
Bitcoin fell below the resistance of $106,406 last week before recouped some lost ground this week.
The price is facing the same resistance once more today, and failure to breach it could send the price to test the support of $100,000.
However, a breach could very well send the price towards the recent historic high near $112,000 for a retest.
