No crash, but certainly not skyrocketing: Bitcoin stagnates in the face of tariff uncertainty

The announcement of Donald Trump’s poorly named reciprocal tariffs has in recent weeks set off a period of extreme volatility in global markets. Wall Street closed last week having lost more than 10% in two days. On Wednesday, the official announcement of a 90-day tariff pause sparked stock market euphoria, with double-digit rebounds on the Nasdaq (12.6%). While the stock market suffered constant large fluctuations, its most volatile asset par excellence, bitcoin, registered fewer trades. Despite so much disruption, it has remained stagnant, holding steady in recent weeks, and is now trading at $81,000.

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