Bitcoin’s dominance, its share in the cryptocurrency market, increased by more than 4.25 % during the past week, now takes 61.5 % amid a large -scale sale of commercial war concerns between the United States and its main trading partners, including China, Canada and Mexico.
US President Donald Trump announced late on Friday that the country imposes a 25 % tariff on imports from Canada and Mexico, with 10 % offered to Canadian energy, and a 10 % tariff in China. This has led to the fact that other countries announce reprisal measures, which raised fears of a complete commercial war.
These concerns have seen that traditional markets flow, and the coded currency area was greatly affected with various universe doctors including ETAREUM, XRP, BNB and Ada sees a double decrease in only 24 hours, while BTC itself decreased to $ 92,500 before recovery. The cryptocurrency is now trading at $ 98,500.
Since it greatly outperformed the broader cryptocurrency market during the past 24 hours, the BTC dominance increased to a rise of 64 % before declining to its current level above 60 % and at a period of three years, and TradingView Data He appears.
The commercial war fears have declined significantly over the past few hours after the President of Mexico revealed that the customs tariff will stop for a month after discussions with Trump. To secure Mexico, Mexico committed To deploy 10,000 National Guard soldiers to secure borders and work with the United States on “security and business”.
Bitcoin, encryption prices can benefit from the trade war
Despite the ongoing interests surrounding a possible trade war, some analysts suggested that this event be optimistic about the prices of encrypted currency. Jeff Park, head of alpha strategies at Bitwise Financial Services, argued that the customs tariff can weaken the US dollar.
In such a scenario, Park suggested that Bitcoin may be an important beneficiary and may rise “higher and faster” in view of his neutral position as an alternative origin. However, the cryptocurrency, like one of the origins of the risk, has acted, as it decreased amid fears of an escalation of a complete trade war, and recovery when this mitigation began.
