The price of Bitcoin briefly went above $80,000 after a fake new surfaced online that the U.S. President Donald Trump was planning to pause tariffs for 90 days on all countries, except China.
This morning, the president’s advisor, Kevin Hassett suggested in an interview that Trump might rethink the tariff plan.
“Would Trump consider a 90-day pause in tariffs?’ ‘I think the president is gonna decide what the president is gonna decide … even if you think there will be some negative effect from the trade side, that’s still a small share of GDP,’” Hassett said in an interview.
However, people started circulating this, claiming that the president is considering pausing the tariff for 90 days.
Many investors immediately reacted to the news and started pumping funds back into Bitcoin, which made it surge, but it was just a little while.
The White House confirmed that the news was “false.” After that, the market changed direction again and started falling.
At the time of the report, Bitcoin is trading for $78,000, a 5% drop in the last 24 hours, according to CoinMarketCap.
Trump also spoke out, saying the tariffs are still important to protect U.S. trade and jobs, nd that China was “the biggest abuser of them all.”
Other cryptocurrencies also reacted to the fake news. Ethereum rose to $1,567.92, going up by 2.04%. XRP increased by 4.88%, reaching $1.88. Solana gained 4.69% and went up to $106.84. Dogecoin did even better, rising 5.5% in one hour. BNB had a smaller gain of 1.49%.
However, the overall crypto market is still down. According to CoinMarketCap, the total value of the crypto market dropped by 5.64% over the past 24 hours.
Meanwhile, trading volume jumped more than 400%, meaning a lot of people were buying and selling fast. At the same time, over $600 million worth of crypto got wiped out in liquidations.
Goldman Sachs, an investment company, shared a warning saying that even if Trump really did pause tariffs, a recession could still happen.
The firm blames problems like tighter money rules, more people avoiding U.S. goods, and a lot of policy confusion. Meanwhile, the Crypto Fear & Greed Index dropped to 23, which means investors are feeling “extreme fear.”
In short, one piece of fake news sent Bitcoin and other coins up for a moment, but the gains didn’t last. Things are still shaky, and people aren’t sure what’s coming next.
Also Read: This trader lost $106 million as ETH price Crashes to $1650
